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Zhenro plunges; Diamond Sports mixed as solicitation start postponed; TPC notes higher
By Cristal Cody
Tupelo, Miss., Feb. 14 – Zhenro Properties Group Ltd.’s dollar bonds plunged in secondary trading on Monday on growing refinancing and default concerns.
Zhenro’s 10¼% perpetual securities dropped 6 1/8 points to 28 7/8 bid on $4 million of volume during the session, a source said.
Zhenro’s 5.98% senior notes due April 13, 2022 (Caa1//B+) sank to the 27 bid area from where the issue was last seen near the 56¾ bid area in the prior week.
In other distressed secondary trading, Diamond Sports Group LLC’s notes were mixed with the company’s start of the solicitation of consents for an exchange offer postponed again, a source said.
Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) climbed over 3 points to the 28½ bid area.
The company’s 5 3/8% senior secured notes due 2026 (Caa1/CCC) were about 1 point lower at 42½ bid.
TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/D/C) rose 1 point to 61 bid in light trading with the company in forbearance until March 18 after missing a coupon payment this month, a market source said.
The notes improved about 5 points over the past week.
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