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Talen Energy bonds decline; Rite Aid up ahead of earnings; Diamond Sports softens
By Cristal Cody
Tupelo, Miss., April 12 – Distressed paper from Talen Energy Supply LLC slid about 2½ points to 3 points in active trading on Tuesday.
Talen’s 10½% senior notes due 2026 (Caa2/CCC/CCC) swung 2½ points lower in heavy secondary action totaling $13 million, a market source said.
The issue went out at 33½ bid, down from 36 bid on Friday.
Meanwhile, Rite Aid Corp.’s notes were trading 1¾ points to 2 points higher ahead of the company’s widely anticipated fourth-quarter earnings release this week.
Rite Aid’s 8% senior secured notes due 2026 (B3/CCC/BB-) rose 1¾ points to the 86 bid area on $5 million of paper traded, a source reported.
Rite Aid’s 7.7% senior debentures due 2027 (Caa2/CCC/CCC) also gained 2 points to hit 70½ bid by the close. Secondary supply was lighter with $1 million of notes traded.
In other distressed issues active on Tuesday, Diamond Sports Group LLC’s secured and unsecured notes fell about ¼ point to ½ point, a source said.
The 5 3/8% second-lien secured notes due 2026 (Caa3/CCC+) softened about ½ point to 37½ bid after trading about 1¼ points weaker on Monday.
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