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Revlon higher; Endo bonds improve; PBF declines; high-grade paper under pressure
By Cristal Cody
Tupelo, Miss., June 17 – Revlon Inc.’s notes turned higher on Friday in light trading following the company’s announcement on Thursday that it filed for Chapter 11 bankruptcy.
Revlon Consumer Products Corp.’s 6¼% senior notes due 2024 (C/D) traded 1½ points higher at 6¼ bid on $2 million of volume, a source said.
Endo International plc’s paper was among the most active distressed issues seen trading on Friday, according to a market source.
The pharmaceutical maker’s 7½% senior secured notes due 2027 (Caa2/CCC) rose ½ point to 74½ bid on $12 million of paper changing hands.
Endo Finance LLC’s 6% senior notes due 2028 (C/CC) headed out up ½ point at 7¼ bid.
“This has a been a free-fall,” a source noted this week. “These opened the year at right around 74, 75. The first liens have held in pretty well compared to these.”
Energy bonds felt some pain on Friday after oil prices nose-dived.
PBF Energy Inc.’s 6% senior notes due 2028 (Caa1/B+/BB-) declined over 1¾ points to 86¾ bid on $4 million of paper traded, a source said.
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