Hertz rebounds; Nabors unchanged; Transocean, NGL quiet; Mallinckrodt, Endo higher

By Cristal Cody

Tupelo, Miss., May 17 – Hertz Corp.’s bonds continued to improve on Monday after heading into the weekend up 1 to 1½ points on the company’s Chapter 11 bankruptcy plan of reorganization with new sponsors.

Hertz’s 5½ notes due 2024 rose ½ point to 104¼ bid after gaining 1 point on Friday, a source said.

Bermuda- and Houston-based oil and gas drilling contractor Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) traded flat at 83 bid in heavy secondary volume over the day, a market source said.

Secondary action was light in energy issues in the distressed space from companies including Transocean Inc. and NGL Energy Partners LP.

Tulsa, Okla.-based diversified midstream services provider NGL Energy’s 7½% senior notes due 2026 (Caa1/CCC+) were last seen on Friday trading in the 89½ bid area.

In other distressed secondary trading, bankrupt pharmaceuticals maker Mallinckrodt plc’s 5 5/8% notes due 2023 rose 1/8 point to 64 bid on Monday, a market source said.

The notes are up 2 points from the same day a week ago.

Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) traded about ¼ point better at the 74 bid area over the day.

The notes have declined about 2 points from the same day a week ago.

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