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Bausch Health gives back some gains; LifePoint notes mixed; Rite Aid bonds flat
By Cristal Cody
Tupelo, Miss., May 22 – Junk and distressed names in the health care space saw renewed secondary action on Monday, a week after Envision Healthcare Corp. filed for Chapter 11 bankruptcy.
Bausch Health Cos. Inc. kicked the week off giving back some of the prior week’s gains.
Bausch’s most active issue seen trading over the session was the 4 7/8% senior secured notes due 2028, which were down 5/8 point on $10.2 million of volume, a source said.
The issue was quoted at 62½ bid.
LifePoint Health, Inc.’s senior paper also was active on Monday with the issuer’s notes trading flat to ½ point better on more than $7 million of volume.
LifePoint’s 5 3/8% senior notes due 2029 (Caa1/CCC-) rose ½ point to 53¼ bid on $3.8 million of activity, a source said.
Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/CCC) were quoted moving Monday with a 52 bid handle but were little changed from April.
Junk bank and financial paper was mixed with perpetual securities from Wells Fargo & Co. and Goldman Sachs Group Inc. up about 2½ points to 3 points on Monday, while Citigroup Inc. and Barclays perpetual notes declined about 1¼ points in light trading, a source said.
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