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Talen slides on financing deal; Transocean, Nabors decline; PBF higher; Nugget ‘busy’
By Cristal Cody
Tupelo, Miss., Dec. 2 – Talen Energy Supply LLC’s distressed junk bonds slid about 2 points to over 7 points on Thursday following the announcement of a new financing commitment.
Talen’s 10½% senior notes due 2026 (Caa1/CCC/B-) dropped 5¼ points to 58¾ bid on over $25 million of volume, a source said.
Paper from Transocean Inc. and Nabors Industries Inc. saw declines during the session, while PBF Energy Inc.’s notes were up.
Transocean’s 7½% notes due 2031 (C/CCC/) fell more than 1¾ points to under the 54½ bid range.
Nabors’ 7½% senior notes due 2028 (Caa1/CCC-) were down 2 points at 83 bid.
PBF’s 7¼% senior notes due 2025 (Caa1/B/B+) rallied more than 2¼ points to nearly 71 bid by the day’s end.
“The high-yield market was not great in the morning and it just got stronger,” a source said. “The HYG is up 63 cents, so the market bounced back.”
In other secondary trading, Golden Nugget Inc.’s 6¾% senior notes due 2024 (Caa2/CCC) shed about ½ point to trade under par on $37.5 million of volume after a regulatory filing from Fast Acquisition Corp. reported parent Fertitta Entertainment, Inc. is trying to pull the plug on its merger.
“Nugget was very busy,” a source said. “They were expecting the bonds to be taken out.”
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