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Staples declines in strong Friday supply; Mallinckrodt lower; Bausch flat; Carvana up
By Cristal Cody
Tupelo, Miss., June 16 – Staples Inc.’s paper was pressured on Friday in heavy secondary supply with the issuer among the most active junk and distressed names on more than $30 million of trading.
The 10¾% senior notes due 2027 (Caa2/CCC+) declined 1½ points to 62¼ bid on $13.8 million of secondary volume, a source said.
Staples’ 7½% senior secured notes due 2026 (B3/B) also fell 1½ points to an 82 bid handle in heavier trading totaling $21 million.
Mallinckrodt plc’s 10% second-lien notes due 2025 (Caa1/CCC+) were quoted down 1 point on Friday at 14 bid in thin trading totaling $1 million after the company skipped paying the interest payments on two of its bonds in the prior session.
Bausch Health Cos. Inc.’s notes stayed fairly active on more than $4 million of paper changing hands on Friday with the bonds flat over the session.
Bausch Health Americas, Inc.’s 8½% senior secured notes due 2027 (Caa1/CCC+/B) were unchanged at 54½ bid on $4.2 million of volume, a market source said.
Carvana Co.’s 10¼% senior notes due 2030 (Ca/CCC-) climbed 8 points this week to a 78 handle on $38 million of secondary trading, BofA analysts said in a note on Friday.
Back in March, the notes were trading around 52 bid.
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