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Talen eyed; AMC declines; Endo volatile; PBF, Diamond Sports improve; Sunac mixed
By Cristal Cody
Tupelo, Miss., Dec. 15 – Talen Energy Supply LLC’s paper stood out in the distressed market on Wednesday as a note came due.
A “lot of eyeballs” watched the paper as traders wondered if Talen was going to refinance or pay the coupon on its $114 million outstanding of 4.6% senior notes due Dec. 15, 2021, a source said.
About $1 million of the 4.6% bonds (Caa1/CCC/B-) traded on Wednesday 1 point lower at 95 5/8 bid.
AMC Entertainment Holdings, Inc. was another “pretty active” name on Wednesday, a source said.
AMC’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) dropped 4 3/8 points to 97 bid on $9 million of secondary action.
Endo International plc’s bonds also “were pretty volatile today,” another source said. “Lot of trading.”
The 6% senior notes due 2028 (Caa3/CCC-) headed out at 74¾ bid, up about ¾ point from Tuesday.
PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) rose over 1 point to the 70 bid area on Wednesday.
In other distressed issues, Diamond Sports Group LLC’s 6 5/8% senior notes due 2027 (Ca/CC) improved 1 point to hit 25½ bid, a source said.
Sunac China Holdings Ltd.’s offshore bonds were mixed with its two-year notes trading 1¼ points higher to 6 points lower on the day.
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