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Diamond Sports, Peabody notes soften; AMC stronger; Transocean, Nabors up as oil soars
By Cristal Cody
Tupelo, Miss., Feb. 24 – Diamond Sports Group LLC’s bonds declined in the secondary market on Wednesday after parent company Sinclair Broadcast Group, Inc. reported 2021 earnings guidance for the sports segment.
Diamond Sports Group’s 6 5/8% senior notes due 2027 (B3/CCC-) fell 2 1/8 points to trade at 53.813 on trading volume of more than $31 million, a source said.
The company’s 5 3/8% senior secured notes due 2026 (Ba3/CCC+) fell more than 1 point to head out in the 75½ bid range on secondary supply totaling nearly $28 million.
Meanwhile, movie theater owner AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) climbed nearly 4 points to 78½ bid on Wednesday, a source said.
Looking at the energy space, distressed bonds gained as oil prices soared.
Offshore driller Transocean Inc.’s 7½% senior notes due 2026 (C/CCC-/) were quoted another 2¼ points higher on Wednesday at 65¾ bid, a market source said. Transocean’s 11½% notes due 2027 (Caa3) were up 2 points at 82½ bid.
Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) headed out more than 2½ points better at 77½ bid, according to the market source.
Parent company Nabors Industries Ltd.’s 7½% senior notes due 2028 (Caa1/CCC-) traded Wednesday at 86½ bid, up about 1½ points since Monday.
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