Talen, W&T Offshore bonds decline; Moss Creek, Nabors gain; Hertz, AMC notes improve

By Cristal Cody

Tupelo, Miss., March 1 – Energy bonds remained mixed in distressed secondary trading on Monday as oil prices slipped.

Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) fell 3 points to trade at 85 bid going out, a source said.

Oil and natural gas producer W&T Offshore, Inc.’s 9¾% senior secured second-lien notes due 2023 (Caa3/B) softened 1/8 point to 82½ bid, the source said.

Meanwhile, oil and gas exploration company Moss Creek Resources Holdings Inc.’s 7½% senior notes due 2026 (Caa2/B-) recovered ¼ point after softening Friday to trade at 83½ bid, a market source said.

Nabors Industries Inc.’s bonds traded about ¾ point to 1 point better on the day, according to a market source.

The oil and gas drilling contractor’s 5¾% senior notes due 2025 (Caa2/CCC-) were quoted up ¾ point at 80½ bid.

Bankrupt car rental company Hertz Corp.’s 5½% notes due 2024 gained in heavy trading over the day, from 77½ bid to 84 bid by late afternoon, according to a market source.

The notes headed out on Friday at 77¼ bid.

In other distressed secondary trading, movie theater owner AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) rose 2 points to 79½ bid by late Monday afternoon, a market source said.

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