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Talen mostly softens; PBF, AMC soar in strong secondary supply; Diamond Sports higher
By Cristal Cody
Tupelo, Miss., Aug. 24 – Talen Energy Supply LLC’s paper mostly reversed course on Tuesday on reports the company is in discussions with legal and financial advisers.
Talen’s 10½% senior notes due 2026 (B3/CCC/B-) dropped 4 points to 40¾ bid on over $7 million of notes traded, a source said.
Further out of the distressed space, Talen’s 7¼% senior secured notes due 2027 (Ba3/B+/BB-) gained 2 points to the 89½ bid area.
Distressed secondary volume was heaviest in two names over the session – PBF Holding Co. LLC and AMC Entertainment Holdings, Inc., according to a market source.
PBF’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) ticked up about 2½ points to 91¾ bid on more than $22 million of paper traded.
Movie theater operator AMC’s notes rallied about 3 points a day after the U.S. Food and Drug Administration approved the Pfizer-BioNTech Covid-19 vaccine for people 16 years and older.
AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped 3 1/8 points to 90½ bid on over $16 million of secondary volume.
In other distressed issues active on Tuesday, Diamond Sports Group LLC’s paper traded 1 point to 1½ points better, a source said.
The company’s 5 3/8% senior secured notes due 2026 (B2/CCC+) rose 1 point to 61¼ bid.
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