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Mallinckrodt lower after ratings downgrade; oil names see boost from Saudi comments
By James McCandless
San Antonio, Sept. 9 – The new week in the distressed debt market started with trading centered on pharma and energy names.
Mallinckrodt plc’s notes moved lower after receiving a ratings downgrade amid continual pressure in the sector.
The 5 5/8% senior notes due 2023 dropped 3 points to close at 32 bid. The 5½% senior notes due 2025 shaved off ½ point to close at 31 bid.
On Monday, Moody’s Investors Service downgraded Mallinckrodt International Finance SA, a subsidiary of the Staines-upon-Thames, England-based drug producer.
The agency lowered its corporate family rating, probability of default rating, speculative grade liquidity rating and issue-level ratings.
Moody’s cited the company’s weak liquidity, the risk of a distressed exchange and a continued exposure to opioid litigation.
After a new Saudi energy minister’s comments on output, Antero Resources Corp.’s, Whiting Petroleum Corp.’s and Range Resources Corp.’s paper followed crude futures upward.
Meanwhile, utilities name PG&E Corp.’s notes trended higher as the company rejects bids for assets.
The 6.05% bonds due 2034 shifted up ½ point to close at 109 bid.
Dairy company Dean Foods Co.’s issues were better after announcing that it had completed its strategic review.
The 6½% senior notes due 2023 added 1¾ points to close at 44½ bid.
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