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Diamond Sports edges lower; TPC quiet; Transocean drops as oil gives back; Talen down
By Cristal Cody
Tupelo, Miss., March 14 – In the distressed secondary market on Monday, Diamond Sports Group LLC’s notes traded about 3/8 point to ½ point weaker after ending the prior week down about 1/8 point to 1¼ points.
Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) headed out about ½ point lower at 22 bid.
TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/D/C) were quiet on Monday and have been thinly traded so far in March as the company faces a March 18 end to a forbearance on a missed payment.
TPC Group’s 10½% senior secured notes due 2024 (Caa2/D/C) were last seen in thin trading in the prior week at 51 bid, a source said.
Transocean Inc.’s bonds slid about 1¾ points to over 3 points as oil declined.
Transocean’s 7½% senior notes due 2026 (Ca/CCC) dropped about 3½ points to 79¼ bid by the day’s end, a market source said.
Talen Energy Supply LLC’s 7¼% senior secured notes due 2027 (B1/B) declined over 1 point to trade over the 88½ bid area, a source said.
Trading was active with $14 million of volume.
Talen’s credit default swaps spreads have widened to over 5,200 basis points after increasing 480 bps in the prior week.
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