Diamond Sports lower; Wesco, PBF improve; Transocean down; Zhenro continues decline

By Cristal Cody

Tupelo, Miss., Feb. 15 – Distressed secondary action thinned on Tuesday with a few bond issuers standing out in otherwise light trading, sources reported.

Diamond Sports Group LLC’s notes were about ½ point to 3/8 point weaker after the company announced the start of the solicitation of consents for an exchange offer.

Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) were down 3/8 point to 25 bid in a handful of trades, a source said.

New and higher-rated junk paper from issuers including Norwegian Cruise Line Holdings Ltd. saw the strongest secondary activity over the session, according to a market source.

“There’s not a lot of movement for other distressed stuff,” a source said.

Wesco Aircraft Holdings Inc.’s 9% senior secured notes due 2026 (Caa3/CCC+) rallied over 3 points with the issue trading above par by late in the day.

PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) were up about 1 3/8 points by the session’s end at the 85 bid area.

Meanwhile, Transocean Inc.’s 6.8% senior notes due 2038 (C/CCC) fell 1½ points to 57½ bid.

Zhenro Properties Group Ltd.’s dollar bonds continued to slide after a second downgrade.

Zhenro’s 10¼% perpetual securities traded Tuesday off 3 3/8 points at 25½ bid, a source said.

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