Hertz notes edge lower; Talen, Nine Energy, Nabors, Callon bonds soft; AMC declines

By Cristal Cody

Tupelo, Miss., March 30 – Hertz Corp.’s bonds softened in distressed secondary trading on Tuesday after the company reported it received a competing bid for the company.

The company’s 5½% notes due 2024 dipped ¼ point to 98 bid, a market source said.

In the secondary market, Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) were heavily traded on Monday and Tuesday, a source said.

Talen’s 6½% notes were quoted late afternoon at 80 7/8 bid after trading Monday in the 80½ to 81 bid range. The issue is down slightly from 81½ bid seen in the same session last week.

Houston-based Nine Energy Service, Inc.’s 8¾% notes due 2023 (Caa2/D) were not active in the secondary market on Tuesday, a source said. The notes were last seen on March 24 at 30 bid.

The issue has declined from trading at the start of March at 50½ bid.

Elsewhere, Hamilton, Bermuda-based Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) declined 1 point to 74 bid, a source said.

And Houston-based Callon Petroleum Co.’s 6 3/8% senior notes due 2026 (Caa2/CCC+) fell ½ point to 79 bid.

In other distressed trading, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) dropped 1 point to 81¾ bid, a market source said.

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