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Mallinckrodt active in pharma space; EP Energy notes improve after skipped payment
By James McCandless
San Antonio, Sept. 11 – The distressed debt space saw trading on Wednesday that was mostly a holdover of Tuesday’s patterns.
Mallinckrodt plc’s notes varied amid developing news of an industry peer coming to a blanket settlement over thousands of opioid-related lawsuit claims.
The 5½% senior notes due 2025 shaved off ¼ point to close at 33½ bid. The 4 7/8% senior notes due 2020 added ½ point to close at 72½ bid.
The Staines-upon-Thames, England-based drug producer’s structure remained active on Wednesday amid shifts in the pharma space.
News broke on Wednesday afternoon that industry peer Purdue Pharma has reached a tentative settlement in over 2,000 cases that would see the company pay out $10 billion to $12 billion.
The deal involves Purdue filing for bankruptcy.
In oil and gas, EP Energy Corp.’s paper moved upward in the wake of the company’s decision to skip an interest payment.
The 7¾% senior secured notes due 2026 gained 1¼ points to close at 78½ bid.
On Monday, the Houston-based independent oil and gas producer said that it would skip an interest payment totaling $7 million on the 7¾% senior notes due 2022 issued by its EP Energy LLC and Everest Acquisition Finance Inc. subsidiaries.
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