Diamond Sports up as refinancing chatter grows; CBL, Transocean, Talen, Endo slip

By Cristal Cody

Tupelo, Miss., May 21 – Diamond Sports Group LLC’s bonds gained in light trading in the distressed secondary market on Friday as chatter increases on a potential refinancing from the company.

Diamond Sports Group’s 5 3/8% senior secured notes due 2026 (B2/CCC+) traded 1½ points higher at the 74½ bid area on volume totaling $1 million, a source said.

“There has been considerable market chatter about potential financing or refinancing transactions,” according to a Covenant Review report.

Bankrupt real estate investment trust CBL & Associates LP’s bonds softened on Friday following court approval of the company’s Chapter 11 bankruptcy disclosure statement, subject to modifications, and request of an extension to file and solicit plan votes.

CBL’s 5¼% notes due 2023 traded late afternoon at 54 bid, down about 2 points from where the notes were last seen on Wednesday, a source said.

Oil and gas bonds softened as oil prices turned positive.

Transocean Inc.’s 7¼% senior notes due 2025 (Ca/CCC) declined just over 1 point to 80½ bid.

Talen Energy Supply LLC’s 10½% notes due 2026 (B3/CCC+/B) traded ½ lower at 91 bid after declining 4¼ points in the prior session.

In the distressed pharmaceuticals space, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) fell nearly 1¼ points to 71½ bid, a source said.

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