Exela improves; AMC declines; Transocean, Talen bonds lower; Endo, Mallinckrodt down

By Cristal Cody

Tupelo, Miss., July 7 – Exela Technologies, Inc.’s notes rallied in heavy distressed secondary trading on Wednesday.

Exela Intermediate LLC’s 10% senior secured first-lien notes due 2023 (Caa3/CCC-) added nearly 3 points to 70½ bid by the close on $22.8 million of secondary volume, a source said.

In other heavily traded distressed issues on Wednesday, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) fell 1¾ points to 99¾ bid on $17 million of paper traded, a source said.

Meanwhile, Transocean Inc.’s bonds traded about 1¼ points to 1¾ points weaker on the day.

Transocean’s 7½% senior notes due 2031 (C/CCC/) slid more than 1¾ points to 75½ bid on $5 million of trading supply.

Talen Energy Supply LLC’s bonds continued to soften after trading down about 2 points to 3 points in the prior session, a source said.

Talen’s 6½% senior notes due 2025 (B3/CCC+/B) fell ½ point to 68 bid on Wednesday.

Distressed pharmaceutical company bonds also softened.

Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) dropped 2¾ points to 64¼ bid on $7 million of volume.

Mallinckrodt plc’s 5¾% notes due 2022 traded down 1 3/8 points at 68½ bid, a source said.

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