Oil plunges; Transocean, Callon, Moss Creek, PBF, Shelf Drilling, Talen sink; AMC skids

By Cristal Cody

Tupelo, Miss., July 19 – Distressed energy bonds sank on Monday as oil prices slid about $5 on production policy plans and stocks faltered on growing Covid-19 cases.

“Energy took the brunt today,” one source said. “Oil got killed.”

Transocean Inc.’s bonds shed about 6 points to 9 points during the session, sources said.

The 8% notes due 2027 (Ca/CCC-) plunged 9 points to 70½ bid on $6 million of secondary volume.

Callon Petroleum Co.’s 8% senior notes due 2028 (Caa2/D) were quoted down 6¼ points at 90 bid on $12 million of paper traded by the close.

Moss Creek Resources Holdings Inc.’s 7½% senior notes due 2026 (Caa1/B) slipped 6 points to 87 bid on light volume of $1 million.

PBF Holding Co. LLC’s 7¼% senior notes due 2025 (B3/B+/B+) fell 5½ points to end the day at 62½ bid on over $4.5 million of secondary activity.

Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) also declined over 5 points to head out at just under 75 bid.

Talen Energy Supply LLC’s bonds were seen down about 2 points to 5 points during the session.

Meanwhile, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) skidded 4½ points by the close to 86 bid.

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