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Midas climbs over 18 points; Wesco continues to gain; PBF declines; 99 Cents better
By Cristal Cody
Tupelo, Miss., Feb. 11 – The 7 7/8% senior notes due Oct. 1, 2022 (C/CC) from Midas Intermediate Holdco II LLC roared past a low 80s handle headed into the weekend with the notes up more than 18 points over the past two sessions.
The issue from the company doing business as Service King traded 9½ points higher on Friday at 93½ bid, a source said.
Wesco Aircraft Holdings Inc.’s 9% senior secured notes due 2026 (Caa3/CCC+) also continued to improve with the issue quoted 5¼ points better at 97 bid after adding 4¼ points in the previous day.
Volatility remained strong over the session with stock indices down over 1%.
March and April oil prices rallied about $3 as fears of a Russian invasion of Ukraine continued.
PBF Energy Inc.’s 6% senior notes due 2028 (Caa1/B/B-) shed 3½ points and were quoted at 74 bid with more than $4.3 million of paper changing hands, a source said.
In other distressed junk paper, 99 Cents Only Stores LLC’s 7½% senior secured notes due 2026 (Caa2/B-) traded 1½ points better at 76 bid.
The company is listed amongst the largest and most distressed names in the market currently, according to a BofA Securities, Inc. note on Friday.
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