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Talen bonds lower; Moss Creek softens; Laredo declines; Diamond Sports weaker
By Cristal Cody
Tupelo, Miss., Aug. 16 – Energy bonds drifted lower on Monday in thin secondary trading as oil futures declined.
“Oil is off a dollar, but I didn’t see it a lot of trading in energy paper today,” a source said. “It’s just spotty around recent new issues. Pretty quiet all over.”
Talen Energy Supply LLC’s bonds declined about ¾ point to over 2½ points after sliding about 1½ points to 8 points Friday.
“It seems like they’re really struggling,” one source said.
Talen’s 6½% senior notes due 2025 (B3/CCC+/B-) fell over 2½ points to trade near the 48½ bid area on $1 million of secondary supply on Monday.
Moss Creek Resources Holdings Inc.’s 7½% senior notes due 2026 (Caa1/B) slipped more than 1 point to 85 3/8 bid, a source said.
Laredo Petroleum, Inc.’s 7¾% senior notes due July 2029 (B3/B) dropped 1 1/8 points to 90 5/8 bid.
In other distressed issues, Diamond Sports Group LLC’s notes softened as parent Sinclair Broadcast Group, Inc.’s broadcast agreement with DISH Network Corp. was set to expire.
Diamond Sports Group’s 5 3/8% senior secured notes due 2026 (B2/CCC+) fell about 1 point to 60¼ bid.
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