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WeWork bonds soar; Hertz continues rise; CBL higher; Nabors flat; Transocean trades up
By Cristal Cody
Tupelo, Miss., March 26 – WeWork Cos. LLC’s bonds climbed 7¾ points in heavy secondary supply on Friday after announcing it will merge with a special purposes acquisition company and become a publicly listed company.
WeWork’s 7 7/8% senior notes due 2025 (/CCC+/CC) headed out at 100 1/8 bid on more than $58.5 million of trading volume, according to a market source.
Bankrupt car rental company Hertz Corp.’s 6¼% notes due 2022 climbed 2½ points to 97½ bid over the day in robust trading action, a market source said.
The company’s 5½% notes due 2024 gained 2¼ points to 97¼ bid late in the day after trading 3 points higher in the prior session.
Bankrupt real estate investment trust CBL & Associates LP’s bonds remained strong on Friday after climbing higher all week.
CBL’s 5¼% notes due 2023 added 2 points in secondary trading on Friday to 56¾ bid, a market source said.
Oil and gas drilling contractor Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) were quoted mostly flat at 75½ bid in thin supply.
Steinhausen, Switzerland-based offshore driller Transocean Inc.’s 8% senior notes due 2027 (Ca/CCC) improved 1½ points to 60 bid on $3 million of issues traded, a source said.
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