Endo Finance notes active following patent loss; Vericast, Carrols Restaurant improve

By Abigail W. Adams

Portland, Me., Aug. 31 – While trading volume remained light on Tuesday, topical news and end-of-month activity turned the spotlight on some distressed debt names.

Endo Finance LLC’s 9½% senior secured notes due 2027 were among the most actively traded issues in the secondary space on Tuesday.

The notes were down about ¼ point to close the day at 98¼, according to a market source, following news the pharmaceutical company lost the patent for one of its products.

Vericast Corp.’s 11% senior notes due 2026 were on the rise in light volume with exchange offers underway for the marketing services company’s shorter duration notes.

The 11% notes were marked up 1 point to close the day at 106¼, but the only round lot, or $1 million plus, print on the tape was at 105¼ early in the session.

Carrols Restaurant Group, Inc.’s 5 7/8% senior notes due 2029 were lifted in active trading.

The 5 7/8% notes climbed about 1 point and were changing hands in the 96½ to 96¾ context heading into the market close,

Meanwhile, distressed energy credits were quiet on Tuesday as futures gave back some of their gains ahead of Wednesday’s OPEC meeting.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.