GEO, Talen, Nine Energy notes mostly flat; Intelsat Jackson soft; Endo declines

By Cristal Cody

Tupelo, Miss., May 11 – GEO Group Inc.’s bonds traded mostly flat to modestly higher on Tuesday following the release of the company’s first-quarter earnings.

GEO’s 5 1/8% senior notes due 2023 (B1/B-) were steady at the 91¾ bid area in strong trading action over the day, a source said.

The Boca Raton, Fla.-based real estate investment trust on Monday reported stronger first-quarter income but lower revenue from the year-ago period.

Intelsat Jackson Holdings SA’s distressed bonds saw little to no secondary trading on Tuesday after the parent company’s Chapter 11 bankruptcy statement hearing was adjourned until June 14, a source said.

The 5½% senior notes due 2023 were last seen on Monday at 59 bid, down ¾ point from Friday.

Elsewhere, power company Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) were flat to about ½ point softer at 87½ bid in heavy secondary action, a source said.

Oilfield services company Nine Energy Service, Inc.’s 8¾% notes due 2023 (Caa2/D) also traded flat at 41½ bid.

In the distressed pharmaceuticals sector, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) fell 2 points to 74¼ bid over the session, a source said.

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