Endo bonds higher; Mallinckrodt up; Bausch drops; Lannett flat; Toledo Hospital down

By Cristal Cody

Tupelo, Miss., Aug. 17 – Endo International plc’s notes mostly climbed in the secondary market on Wednesday in the wake of the company’s Chapter 11 bankruptcy announcement.

Endo Finance LLC’s 9½% senior secured second-lien notes due 2027 (Ca/D) went out at 27 bid, up 4 5/8 points, a source said.

Distressed trading in the pharmaceutical space also spread to other issuers during the session, according to market sources.

Mallinckrodt plc’s 10% senior secured first-lien notes due 2025 (B3/B) recovered ½ point to trade at 88½ bid after losing 1 point the previous day.

Bausch Health Cos. Inc.’s 9¼% senior notes due 2026 (Caa2/CCC/B) lost 2¼ points after dropping 1¼ points on Tuesday and ¾ point on Monday.

Bausch’s 9¼% senior notes due 2026 (Caa2/CCC/B) were quoted at 70 bid.

Lannett Co., Inc.’s 7¾% senior secured notes due 2026 (B3/B-) were active but flat at 33½ bid.

Also in the health care space, Toledo Hospital has been slipping into distressed news with the investment-grade-rated company doing business as ProMedica Health System, Inc. starting to feature on fallen angel watchlists, sources report.

Toledo Hospital’s 5.325% senior secured notes due 2028 (Baa3/BB) softened ½ point on Wednesday to 78 bid and yielding over 10%. The notes opened August at better than 94 bid.

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