Rite Aid mixed in thin trading ahead of earnings; Talen notes higher; Nine Energy up

By Cristal Cody

Tupelo, Miss., April 8 – Distressed secondary action thinned Friday as the weekend loomed with a handful of issuers active.

Rite Aid Corp.’s bonds were mixed in mostly light trading action after sliding about 4 points to 4 5/8 points Thursday following a surprise weak analyst report from Deutsche Bank, a source said.

Rite Aid’s stock also rebounded over 7% in Friday’s session ahead of the company’s earnings release next week.

Rite Aid’s 7.7% senior debentures due 2027 (Caa2/CCC/CCC) were seen off 1½ points at 70 bid, about 5 points lower from a week ago.

Talen Energy Supply LLC’s bonds rose 5/8 point to 3 points in the heaviest trading action in distressed paper during the session, a source said.

Talen’s 10½% senior notes due 2026 (Caa2/CCC/CCC) added another 2 points to hit 36 bid.

The notes saw $7 million of volume.

Talen’s 6½% senior notes due 2025 (Caa2/CCC/CCC) picked up 3 points to go out at 36¼ bid on $4 million of paper changing hands.

Meanwhile, Nine Energy Service, Inc.’s 8¾% notes due 2023 (Caa3/D) rose 5/8 point to 62¼ bid on $4 million of paper traded Friday, a source said.

The notes are up 4 7/8 points since March.

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