CBL notes gain on amended plan; Talen, Nine Energy decline; Endo, Mallinckrodt better

By Cristal Cody

Tupelo, Miss., May 3 – Bankrupt real estate investment trust CBL & Associates LP’s bonds traded higher on Monday following the company’s court approval of an amended restructuring support agreement.

CBL’s 5¼% notes due 2023 were seen in the 58 bid range, about 1½ points higher from Friday, a source said.

CBL’s 5.95% notes due 2026 also rose about 1 point to 58 bid during the session.

In distressed energy issues trading Monday, The Woodlands, Tex., and Allentown, Pa.-based power company Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) fell 1½ points to 84¾ bid in heavy supply, a source said.

Houston-based oilfield services company Nine Energy Service, Inc.’s 8¾% notes due 2023 (Caa2/D) dropped about 1¼ points to the 40¼ bid area in light volume.

Looking at the distressed pharmaceuticals sector, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) rose about ½ point to the 77 bid area on Monday after climbing more than 8 points in the prior week, a source said.

Bankrupt pharmaceuticals maker Mallinckrodt plc’s bonds were mostly better on Monday with the company’s 5½% notes due 2025 up 1 point to 67 bid.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.