Distressed energy bonds mixed; NGL gains, Transocean softens; AMC, WeWork improve

By Cristal Cody

Tupelo, Miss., Jan. 20 – Energy distressed bonds were mixed in trading over Wednesday’s session as the new U.S. presidential administration was sworn in.

NGL Energy Partners LP’s 7½% notes due 2023 (B3/CCC+) traded up over 2 points at 82 bid in light volume, a source said.

SESI, LLC’s 7¾% notes due 2024 recovered 3 points in trading on Wednesday to 36½ bid, a source said.

The notes had added ½ point on Tuesday after giving back 3 points on Friday.

SESI is a subsidiary of Superior Energy Services Inc., which filed for Chapter 11 bankruptcy in December.

Meanwhile, offshore driller Transocean Inc.’s distressed bonds were softer over the day, a source said.

The company’s 11½% senior notes due 2027 (Caa3/CCC-) fell more than 1½ points to 81 bid.

Transocean’s 8% bonds due 2027 (Ca) declined 1 point to 54¼ bid.

In other activity, AMC Entertainment Holdings, Inc.’s bonds remained strong on Wednesday following the company’s announcement that it issued $100 million of guaranteed first-lien secured notes due 2026 on Friday.

And WeWork Cos. Inc. – active over the past couple of sessions – saw its 7 7/8% notes due 2025 (CCC+) improve 2 points to 75¼ bid over the day after trading up 2½ points on Tuesday, sources said.

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