Rite Aid down after tender offer wraps; Endo higher; Bausch lower; EnLink softens

By Cristal Cody

Tupelo, Miss., June 28 – Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CC/BB-) fell about 1¾ points on Tuesday after the company passed on accepting the paper in its tender offer.

The notes went out at 80¼ bid, down 2 points since Friday, a market source said.

Rite Aid’s 7.7% senior debentures due 2027 (Caa2/CC/CCC) dropped more than 3 points to the 64 bid area by the day’s close.

Endo International plc’s bonds climbed as the market absorbed an investor group’s report in the prior session of plans to seek further value in the company, including a debt exchange.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CC) rose 1 7/8 points to 9 3/8 bid on $7 million of paper traded, a source said.

Also in the pharmaceutical space, Bausch Health Cos. Inc.’s bonds were under pressure on Tuesday with the paper seen down about 2¼ points to over 3 points.

Bausch Health Americas, Inc.’s 8½% senior notes due 2027 (B3/B-/B) declined 2 7/8 points to 72 bid on $4 million of secondary activity.

Elsewhere, natural gas processor EnLink Midstream Partners LP’s 5.45% senior notes due 2047 (Ba1/BB+/BB+) fell about ¼ point to the 72½ bid area in light trading, a source said.

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