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Hertz mixed; Tullow Oil active; Shelf Drilling, Endo, CBL better; Mallinckrodt slips
By Cristal Cody
Tupelo, Miss., May 7 – Hertz Corp.’s bonds remained mixed on Friday ahead of a potential auction following a rival bid to fund the car rental operator’s Chapter 11 bankruptcy reorganization plan.
The company’s 6¼% senior notes due 2022 gained 2½ points to 102½ bid in heavy secondary volume, a source said.
Oil and gas bonds were active in the distressed space Friday as oil prices improved, a source said.
Tullow Oil plc’s 7% notes due 2025 (Caa2) traded at 85½ bid.
Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) rose ¼ point to 78 bid.
Elsewhere, bankrupt pharmaceuticals maker Mallinckrodt plc’s 5¾% notes due 2022 slipped ¼ point to 61¼ bid, heading out down 6¾ points week to date.
In other distressed pharmaceuticals issues active Friday, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) traded about ¼ point higher to 76 bid, a source said.
Bankrupt real estate investment trust CBL & Associates LP’s bonds remained better on Friday, a source said.
CBL’s 5¼% notes due 2023 were up about 1 point to 58¼ bid, about 1¾ points higher from the same session a week ago.
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