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Cano Health paper up in September; Community Health improves; Michaels bonds decline
By Cristal Cody
Tupelo, Miss., Sept. 19 – Distressed paper in the health care space went out mixed on Tuesday as the market widened further following two new bankruptcies.
Cano Health LLC’s 6¼% senior notes due 2028 (C/C) were not seen active in the secondary market over the day, but the issue has made significant gains so far in September, a source said.
The issue was last seen in the prior week with a handle in the low 30s, up more than 10 points from August.
Meanwhile, Community Health Systems Inc.’s 6 1/8% secured notes due 2030 (Caa2/CCC-) found good reception and traded ¾ point better during the session at 56 bid, a market source said.
The market saw new bankruptcy reports from UpHealth, Inc. subsidiary UpHealth Holdings, Inc. and American Physician Partners, LLC.
Looking at distressed retailers, Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC) issued by Magic MergeCo. Inc. were on the defensive on Tuesday in strong trading action.
The notes slid 2 7/8 points to 68¾ bid by the close after trading as high as 73½ bid early in the session, a source said.
By late afternoon, the notes were down 3¼ points at 69 bid, another source said.
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