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Talen higher; Moss Creek, Summit, PBF decline; Nordstrom, Endo down; Mallinckrodt up
By Cristal Cody
Tupelo, Miss., Nov. 24 – Distressed energy bonds mostly declined in light pre-Thanksgiving Day trading on Wednesday.
Talen Energy Supply LLC’s bonds clawed back losses from the start of the week with the paper trading about 2½ points to 4 points better on the day, a source said.
Moss Creek Resources Holdings Inc.’s 7½% senior notes due 2026 (Caa1/B) declined nearly 2 points to the 88 bid area.
Summit Midstream Partners, LP’s 5¾% notes due 2025 (Caa2/C) dipped over 1½ points to the 88 bid range with $1.4 million of paper changing hands Wednesday.
PBF Holding Co. LLC’s 7¼% notes due 2025 (Caa1/B/B-) also traded about 1½ points softer at the 72¾ bid area.
In other secondary action, Nordstrom, Inc.’s bonds dropped 2¾ points to over 3½ points, while its stock plunged nearly 30% after the luxury retailer missed third-quarter earnings expectations.
Looking at distressed opioid names, Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) fell about ¾ point by the afternoon to 76¼ bid, a source said.
Mallinckrodt plc’s 5¾% senior notes improved ¼ point to 57¾ bid.
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