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Laredo, Transocean weak; AMC gives back gains; Endo declines; Mallinckrodt stronger
By Cristal Cody
Tupelo, Miss., Aug. 11 – Laredo Petroleum, Inc.’s new 7¾% senior notes due July 2029 (B3/B) with a yield of nearly 10% continue to be eyed in the distressed space as the paper sank further on Wednesday.
“They’re pretty close to their lows at this point,” a trader said. “It’s the name in general. It limped out of the gates.”
The bonds were quoted on Wednesday down about ¼ point at 90, 91½ after hitting lows in the 89½ bid range on Monday.
Bonds in the energy space have remained mostly softer in August, sources report.
Transocean Inc.’s 8% debentures due 2027 (C/CCC) softened ½ point to 70¼ bid and are down about 15 points from a month ago.
“Energy has been picked on for the last five, six weeks,” a source said.
Elsewhere, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) gave back some early week gains and fell 1 point to 87 bid on $21 million of paper traded, a source said.
Endo International plc’s notes were weaker with the 6% senior notes due 2028 (Caa2/CCC+) down less than ¼ point at 63 3/8 bid, 1 5/8 points softer week to date.
Mallinckrodt LLC’s 4¾% senior notes due 2023 rose about ½ point on Wednesday to 29 bid, 4½ points higher month to date.
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