Endo bonds mixed on restructuring reports; Michaels paper declines; Triumph notes slip

By Cristal Cody

Tupelo, Miss., May 18 – Distressed paper stayed under pressure with volatility ramping up and weak earnings reports weighing on financial markets on Wednesday.

Endo International plc’s unsecured paper fell over 3 points, while its secured notes traded flat to over 1 point higher as news reports emerged the company is in restructuring talks, a source said.

The company’s stock tanked 46.54%.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC-) dropped 3¼ points to 11½ bid.

Carvana Co.’s paper was among the most active issues seen on Wednesday with the online car retailer’s new and existing paper down about 3¾ points to 4 points and yielding about 13% to over 15%, a source said.

Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 traded down nearly 3½ points to 67¼ bid, a market source reported.

The issue saw $12 million of secondary volume.

Also Wednesday, Triumph Group Inc.’s bonds slid over 6 points after the company posted a fourth-quarter loss.

Triumph Group’s 7¾% senior notes due 2025 (Caa3/CCC-) dropped 6 3/8 points to 84 bid on $21 million of paper traded, a source said.

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