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Endo rallies on opioid settlement; Mallinckrodt mixed; Envision notes soft; Talen lower
By Cristal Cody
Tupelo, Miss., Sept. 10 – Endo International plc’s bonds rallied over 3 points on Friday following the company’s announcement late Thursday that it settled an opioid-related lawsuit for $50 million.
Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC+) climbed to as high as 69½ bid in heavy trading before finishing the session still stronger on the day at 67½ bid, a source said.
The notes traded at 64¼ bid on Thursday.
Other distressed pharmaceutical issuers were active during the session.
Mallinckrodt LLC’s paper traded flat to about ½ point better on Friday.
The 5½% notes due 2025 rose ½ point to 67 bid.
Distressed health care paper was lower over the short holiday week, a source said.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) ended the day ½ point weaker after losing 6 points on Wednesday and Thursday.
Bonds in the distressed energy space were mixed in light trading.
Talen Energy Supply LLC’s notes mostly softened on Friday after the paper traded up about 2½ points in the prior session.
Talen’s 6½% senior notes due 2025 (B3/CCC/B-) fell ½ point to 43 bid.
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