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Bausch notes decline; Envision Healthcare lower; Team Health, Talen up in August
By Cristal Cody
Tupelo, Miss., Aug. 30 – Bausch Health Cos. Inc.’s notes saw further declines on Tuesday after giving back about ¼ point to 3¼ points on Monday and about 8¾ points to more than 10 points last week.
The company’s 5% senior notes due 2028 (Caa2/CCC/B-) were quoted at 39½ bid, down 1¼ points on the day and 5 points weaker since Friday.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/D) softened about ½ point to 32½ bid on Tuesday following S&P Global Ratings’ downgrade of the issuer to selective default, a source said.
Team Health Holdings, Inc.’s 6 3/8% senior notes due 2025 (Caa3/CCC/CCC-) fell about ¼ point to the 78½ bid range but were nearing the end of the month nearly 10 points higher, a source reported.
In other distressed paper, Talen Energy Supply LLC’s paper softened after the bankrupt company reported a go-shop process, though the notes have been mostly on the mend since the company filed for Chapter 11 bankruptcy back in May.
Talen’s 7% senior notes due 2027 fell about 2¾ points by the end of the session to the 84¼ bid area, a source said.
The 7% notes have gained more than 12 points since the start of the month.
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