Toledo Hospital notes decline; CHS mixed; Ahern quiet; Diamond Sports thinly traded

By Cristal Cody

Tupelo, Miss., Aug. 23 – The distressed health care space remained under pressure on Tuesday following a fresh Chapter 11 bankruptcy announcement from Carestream Health Inc.

Toledo Hospital’s 5.325% senior secured notes due 2028 (Baa3/BB) were down about 5˝ points on Tuesday at 70 bid and have given back nearly 25 points since the start of the month, a source said.

CHS/Community Health Systems, Inc.’s 6 1/8% senior secured notes due 2030 (Caa2/CCC) fell 1/8 point to 62 3/8 bid, a source said.

“We’re seeing most things down,” a market source said following Monday’s market slide.

In other distressed market action, Ahern Rentals, Inc. announced Tuesday that it elected to terminate its exchange offer for its 7 3/8% second priority senior secured notes and return any tendered notes.

The 7 3/8% notes (Caa3/C) were last seen in the secondary market a week ago at 78 bid.

Diamond Sports Group LLC’s paper has been mostly quiet this month with the secured and unsecured notes last seen trading in the low to high teens.

The company’s 5 3/8% senior secured notes due 2026 (Caa3/CCC+) were trading Tuesday with a low 19 handle in thin supply, a source said.

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