Diamond Sports’ secured notes up; Talen mixed in light secondary action; PBF climbs

By Cristal Cody

Tupelo, Miss., April 5 – Distressed issues were mixed Tuesday in light secondary action as market volatility soared over 15% and equities and oil prices moved lower on the day.

Diamond Sports Group LLC’s 5 3/8% second-lien secured notes due 2026 (Caa3/CCC+) rose 1 point to 39¼ bid in strong secondary activity after moving ¾ point lower Monday on $7.62 million of supply, a source said.

The notes had $7 million of trading action Tuesday.

Talen Energy Supply LLC’s bonds went out mostly flat to 2¼ points better after picking up about 4 points to 5½ points on Monday.

Talen’s 10½% senior notes due 2026 (Caa2/CCC/CCC) were quoted about 2¼ points better on the day at 30 bid.

Secondary supply was light with $2 million of paper changing hands.

Talen’s 7¼% senior secured notes due 2027 (B1/B/B) were flat at 94¼ bid in heavier trading supply totaling $13 million on Tuesday. The secured notes are up ½ point from Friday.

Active trading in PBF Energy Inc.’s 6% senior notes due 2028 (Caa1/B/B-) on Tuesday sent the notes up 1¼ points to 84½ bid by the end of the day, a source said.

Secondary supply hit $16 million during the session.

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