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Team Health steadies; Air Methods gains; Talen climbs; Telesat improves; Intelsat quiet
By Cristal Cody
Tupelo, Miss., Dec. 1 – Distressed debt names in the health care space held steady to higher in secondary action on Wednesday.
Team Health Holdings, Inc.’s 6 3/8% senior notes due 2025 (Caa3/CCC) were stable for a second day following the company’s court win Monday against UnitedHealthcare Inc.
Team Health’s 6 3/8% senior notes due 2025 (Caa3/CCC) were quoted flat at 88 bid.
Air Methods Corp.’s 8% senior notes due 2025 (Caa3/CCC) rallied 1 1/8 points to 79¾ bid.
Volatility remained high after the Centers for Disease Control and Prevention reported the first confirmed case of the Covid-19 Omicron variant in the United States.
The Chicago Board Options Exchange’s CBOE Volatility index jumped 14.45% to $31.12 after soaring 20.34% on Tuesday.
Talen Energy Supply LLC’s notes improved further ahead of the company’s earnings report on Thursday.
Talen’s 10½% senior notes due 2026 (Caa1/CCC/B-) jumped 2¼ points to 64 bid on more than $6.5 million of secondary supply, a source said.
Looking at satellite names, Telesat Corp.’s 6½% senior notes due 2027 (Caa1/B) were up about 1½ points at 79½ bid on Wednesday.
Intelsat Jackson Holdings SA’s 8½% senior notes due 2024 were last seen trading in the prior week at the 51 7/8 bid area.
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