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Endo up on week; Mallinckrodt flat; Navios, PBF, Transocean dip; Exela ‘finds ceiling’
By Cristal Cody
Tupelo, Miss., July 23 – Bonds mostly quieted on Friday in the distressed space after a volatile week of trading.
Endo International plc was “probably the most traded distressed name” this week following the company’s $35 million opioid-related settlement announced on Thursday, a source said.
Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) were quoted at 70 bid, down about ½ point on the day but up about 10 points on the week.
Mallinckrodt LLC’s 4¾% notes due 2023 were unchanged at 24 bid.
Distressed energy bonds softened in light trading but have improved after Monday’s sell-off.
Transocean Inc.’s 7½% notes due 2026 (Ca/CCC+) slipped about ½ point to 80 bid over the day.
Navios Maritime Acquisition Corp.’s 8 1/8% first priority ship mortgage notes due Nov. 15, 2021 (Caa1/CCC) fell ¼ point to 82 bid.
PBF Holding Co. LLC’s paper was flat to ¼ point weaker on Friday.
Elsewhere, Exela Technologies, Inc.’s notes finished down about 3¼ points on the week but more than 30 points higher since the end of June.
Exela Intermediate LLC’s 10% senior secured first-lien notes due 2023 (Caa3/CCC-) were last seen on Thursday at 74½ bid.
“Exela’s bonds seem like they finally found a ceiling,” a source said.
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