Endo, Mallinckrodt, Team Health lower; Envision up; PBF, Talen drop; AMC declines

By Cristal Cody

Tupelo, Miss., Jan. 24 – Distressed pharmaceutical and health care bonds traded mostly lower on Monday.

Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) fell 1 3/8 points to 68½ bid after shedding 2½ points on Friday, a source said.

Mallinckrodt plc’s 5¾% notes due 2022 were 2¼ points lower at 54 bid in thin trading.

Team Health Holdings, Inc.’s 6 3/8% senior notes due 2025 (Caa3/CCC) softened 1¼ points to 87¾ bid.

Meanwhile, Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) traded up ½ point on Monday to 52½ bid after declining over 3½ points in the prior week.

Distressed energy bonds were weaker as oil dropped over $1.50.

PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) fell about 1 point to 78 bid, a source said.

Talen Energy Supply LLC’s 10½% senior notes due 2026 (Caa2/CCC/B-) dropped 2 points to 46 bid.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) were the most active issue seen in distressed trading on Monday with the bonds attracting $20 million of volume, a source said.

The notes dropped 1 point to 93 bid as the company’s shares fell over 7% to $16.64, well off the 52-week high of $72.67.

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