Endo mostly higher; WeWork unchanged; Talen bonds quiet; high-grade notes decline

By Cristal Cody

Tupelo, Miss., June 27 – Endo International plc’s bonds were mixed in thin secondary action Monday after a group of institutional investors announced plans to seek further value in the company.

Endo’s 7½% senior secured notes due 2027 (Caa2/CCC) jumped 1¼ points to 76 bid in light trading, a source said.

In other distressed paper, WeWork Inc.’s 5% senior notes due 2025 were mostly flat at the 66 bid area Monday, a source said.

Talen Energy Supply LLC’s bonds were mostly quiet during the session but ended the prior week about ¾ point to 1½ points higher following news of the bankrupt company’s $1.76 billion debtor-in-possession financing package.

Talen Energy’s 6½% senior notes due 2025 (D/C) fell about ¼ point to the 63¼ bid range on Monday, a source said.

Meanwhile, paper from high-grade companies including Republic Services Inc., Verizon Communications Inc., VMware Inc. and CommonSpirit Health were under pressure and trading at handles in the 70s and low 80s, sources said.

VMware’s 2.2% senior notes due 2031 (Baa3/BBB-/BBB) priced nearly a year ago as part of a $6 billion five-tranche offering were trading Monday off about ¼ point at the 78½ bid range.

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