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Community Health secured notes improve; Bausch Health better; Rite Aid paper perks up
By Cristal Cody
Tupelo, Miss., June 20 – Distressed health care paper traded higher on Tuesday in the first session back after the long holiday weekend.
Community Health Systems Inc.’s 6 7/8% senior secured notes due 2029 (Caa2/CCC-) have gained about 3¾ points over the past week. The notes edged up ¼ point on Tuesday to 62¼ bid, a source said.
Bausch Health Cos. Inc.’s 8½% senior secured notes due 2027 (Caa1/CCC+/B) have picked up about ½ point to ¾ point since Friday, a market source said.
The notes went out at 55¼ bid after trading ahead of the weekend flat at 54½ bid.
Rite Aid Corp.’s paper also was slightly higher on Tuesday after the issuer’s bonds and credit default swap spreads came under renewed pressure in the prior week.
The 8% senior secured notes due 2026 (Caa3/CCC-/CCC) added ¼ point to 52¾ bid by the close and have recovered about 1¼ points since Thursday, a source said.
Elsewhere, KBRA reported Tuesday that four names joined its May non-sponsored direct lending default list for $410 million, versus two sponsored companies at about $300 million.
“Since May, another sponsored deal has joined the ranks, taking the aggregate year-to-date tally to $3 billion,” KBRA said. “By comparison, syndicated loan defaults total $34.6 billion year to date, with high yield at $21.4 billion.”
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