Weather hit-energy suppliers mixed; Shelf Drilling edges up; Diamond Sports, Revlon gain

By Cristal Cody

Tupelo, Miss., March 12 – Energy issuers headed out mixed in distressed secondary trading on Friday as some companies grapple with major costs from the February winter storm that hit Texas and the central United States.

Talen Energy Supply LLC’s bonds “were all over the place” with not much trading on Friday, a market source said.

The bonds were quoted flat to about 1 point higher on the day.

Talen’s 6½% senior notes due 2025 (B3/CCC+/B) traded nearly 1 point better at 83.20 on secondary supply of more than $10 million after softening 1 point in the prior session, the source said.

Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) traded ¼ point higher at 77¾ bid following the company’s new $310 million secured note offering on Friday, a source said.

In other distressed secondary trading, Diamond Sports Group LLC’s notes continued to recover on Friday following a downgrade by Moody’s Investors Service at the week’s start, a source said.

Diamond Sports Group’s 6 5/8% senior notes due 2027 (B3/CCC-) rose 1½ points to 56½ bid, the source said.

Cosmetics manufacturer Revlon Consumer Products Corp.’s 6¼% senior notes due 2024 (C/C/) climbed 1¼ points to 32 bid, a source said.

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