GEO notes soften; AMC flat; Transocean paper rallies; Endo stronger on week

By Cristal Cody

Tupelo, Miss., April 29 – GEO Group Inc.’s distressed paper traded lower on Thursday as the secure facilities company prepares to post first-quarter earnings results.

GEO Group’s 5 7/8% senior notes due 2024 (B2/B-) fell 1 point to 80½ bid on $4 million of paper traded Thursday, a source said.

AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) traded Thursday afternoon flat at 85¾ bid after softening in the prior session in heavy volume, a source said.

Offshore driller Transocean Inc.’s bonds were stronger across the board in the distressed energy space, sources reported.

Transocean’s 8% notes due 2027 (Ca/CCC) rose 2 1/8 points to 71½ bid on $15.5 million of paper traded.

The company’s 7¼ notes due 2025 (Ca/CCC) also were 2½ points higher at 75½ bid on $7 million of secondary supply during the session.

In other distressed secondary trading, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) headed out flat at 76½ bid on Thursday and 5¾ points better week to date, a market source said.

Bankrupt pharmaceuticals maker Mallinckrodt plc’s bonds were not seen in the secondary market over the session.

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