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TPC notes slide; MultiPlan better; Mallinckrodt improves; Diamond Sports fizzles
By Cristal Cody
Tupelo, Miss., Nov. 15 – TPC Group Inc.’s bonds dove further on Monday on the heels of a weak third-quarter earnings report.
The chemical manufacturer’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) fell about 3½ points to 76½ bid.
“They were down 10, 11 points last week,” a source said. “Today, they basically continued to plunge.”
MultiPlan Corp.’s paper improved with the company’s 5¾% senior notes due 2028 (B3/B-) recovering 1¾ points during the session to hit 90¾ bid after declining over 5 points in the previous week.
MultiPlan on Monday issued a letter to shareholders that its largest customer, UnitedHealth Group, is not going to terminate its relationship, which helped push MultiPlan’s stock up 2½% by the end of the day.
Mallinckrodt plc’s paper mostly gained over the day with the issuer’s 5¾% senior notes up 1 point at 57¾ bid.
Diamond Sports Group LLC’s bonds gave back gains on Monday following last week’s rally on news that parent Sinclair Broadcast Group Inc. had taken on a portion of the company’s debt.
Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CCC) fell over 5 points to 51¾ bid on more than $27 million of issues traded.
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