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Teva rises after starting tender offers; Revlon notes head lower following earnings
By James McCandless
San Antonio, Nov. 8 – The distressed debt market ended the week remaining focused on names that released earnings reports this week.
Teva Pharmaceutical Industries Ltd.’s notes rose as the company kicks off a capped tender offer for two series of notes.
The 6¾% senior notes due 2028 improved by ¼ point to close at 92½ bid. The 3.15% senior notes due 2026 gained 1¼ points to close at 78¾ bid.
On Friday, the Petah Tikva, Israel-based generic drug maker announced capped tender offers for $3 billion outstanding 2.2% senior notes due 2021 issued by Teva Pharmaceutical Finance Netherlands III BV, $612,829,000 outstanding 3.65% senior notes due 2021 issued by Teva Pharmaceutical Finance Co. BV and $587.61 million outstanding 3.65% senior notes due 2021, Prospect News reported.
In retail, Revlon, Inc.’s paper was pushed downward following the release of its third-quarter earnings.
The 5¾% senior paper due 2021 fell 2½ points to close at 83 bid. The 6¼% senior paper due 2024 dipped 1 point to close at 51½ bid.
Early Friday, the New York-based cosmetics producer reported a third-quarter loss of 71 cents per share, better than the 83 cents per share loss that analysts had expected.
Revenues fell short of expectations at $596.8 million.
© 2015 Prospect News.
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