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Mallinckrodt pushed lower; Beazer Homes better; PG&E gains; Whiting varies
By James McCandless and Paul A. Harris
San Antonio, Aug. 29 – The high-yield secondary saw a positive shift on Thursday, with high-profile movements in pharma and energy.
Mallinckrodt plc’s notes dropped throughout the day after a subsidiary drew down the remaining balance of its revolving credit facility.
In construction, Beazer Homes USA, Inc.’s issues moved up as the company announced a redemption of its senior notes.
Meanwhile, utilities name PG&E Corp.’s paper shifted upward.
Elsewhere, in energy, Whiting Petroleum Corp.’s notes varied as the company announces a tender offer for its convertible securities.
Oil futures rose, followed by Chesapeake Energy Corp.’s issues while California Resources Corp.’s and Superior Energy Services, Inc.’s paper went against the grain.
The primary market is still looking to the Sept. 3 week.
Funds saw $689 million of inflows and high-yield indexes continued to move higher.
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