Diamond Sports, Ligado bonds trade up; Frontier flat; Mallinckrodt weakens; Endo gains

By Cristal Cody

Tupelo, Miss., April 27 – Diamond Sports Group LLC’s bonds continued to gain Tuesday in heavy trading for a second consecutive session on reports of potential financing for the company.

The company’s 6 5/8% senior notes due 2027 (Caa2/CCC-) added another 2½ points to hit 53½ bid on $28 million of bonds traded.

The distressed market also saw strong trading action in Ligado Networks’ 15½% senior secured first-lien notes due 2023 (Caa1) with the notes up 2 points at 99½ bid on $4 million of paper traded.

In the bankrupt space, Frontier Communications Corp.’s bonds have been among the actively traded junk bonds for more than a week.

Frontier’s 11% senior notes due 2025 were unchanged at 75¼ bid by late afternoon but up 5¼ points from the same day last week.

Pharmaceuticals maker Mallinckrodt plc’s bonds remained soft after the company posted a March operating loss and a week after filing a Chapter 11 reorganization plan.

The company’s 5 5/8% notes due 2023 were quoted at 68 bid, off 5½ points from where the issue traded on the same day a week ago.

In other distressed pharmaceuticals bonds trading Tuesday, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) gained 2 points to head out at 76½ bid.

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