WeWork moderates; Transocean improves; Hertz gains; GTT, Frontier telecom bonds decline

By Cristal Cody

Tupelo, Miss., March 29 – WeWork Cos. LLC’s bonds softened modestly on Monday after climbing 7¾ points in heavy secondary activity ahead of the weekend.

WeWork’s 7 7/8% senior notes due 2025 (/CCC+/CC) were last seen trading at 99¾ bid on Monday, a source said.

The notes headed out Friday at 100 1/8 bid.

Steinhausen, Switzerland-based offshore driller Transocean Inc.’s bonds traded higher over Monday’s session, a source said.

The company’s 8% senior notes due 2027 (Ca/CCC) were quoted up 1 point at 61½ bid.

Transocean’s 7½% notes due 2026 (Ca/CCC) rose more than 4 points to 65 1/8 bid.

In other trading, car rental company Hertz Corp.’s 5½% notes due 2024 hit 98¼ bid on Monday as the company nears exiting Chapter 11 bankruptcy, according to a market source.

The notes traded Friday up 2¼ points to 97¼ bid.

In the telecommunications space, GTT Communications, Inc.’s 7 7/8% senior notes due 2024 (/C/) traded Monday at 11 bid, a source said.

The notes have softened from the 20½ bid range in February and from the 40 bid range at the start of the year.

Elsewhere, bankrupt Frontier Communications Corp.’s 7 5/8% notes due 2024 fell 1½ points from Friday to the 63½ bid range on Monday, a source said.

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