Hertz mixed; AMC stronger; Transocean flat; GEO up; Endo stable; Mallinckrodt declines

By Cristal Cody

Tupelo, Miss., June 4 – Hertz Corp.’s bonds saw light secondary trading on Friday as the company works to exit Chapter 11 bankruptcy with plans to launch up to $1.65 billion of term loans in the week ahead.

Hertz’s 5½% notes due 2024 traded about ¼ point weaker at the 102¼ bid area, a source said.

AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped another 1½ points to 102¼ bid after gaining 3¼ points in the prior session, a source said.

Elsewhere, Transocean Inc.’s 8% notes due 2027 (Ca/CCC) headed out unchanged on the day at 78½ bid after gaining 1½ points in the prior session, a source said.

In other distressed secondary trading, GEO Group Inc.’s bonds continued to improve during the session, a source said.

The company’s 5 1/8% notes due 2023 rose more than ¾ point to the 87¼ bid area.

In the distressed pharmaceuticals space, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) remained steady on the day at 68 bid in strong trading activity, according to a market source.

Bankrupt pharmaceuticals maker Mallinckrodt plc’s 4¾% notes due 2023 declined about ½ point on Friday to the 22 bid area ahead of next week’s court hearing to approve the company’s disclosure statement, a source reported.

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