Occidental dips; PBF lower; Air Methods softens; Mallinckrodt declines; Kaisa active

By Cristal Cody

Tupelo, Miss., Oct. 27 – Energy bonds were little changed as oil slid nearly $2 per barrel on Wednesday, while China’s property developer space saw continued distressed secondary interest.

Occidental Petroleum Corp.’s junk notes were the “most active energy bonds” and traded down about 1/8 point to 3/8 point, a source said.

PBF Holding Co. LLC’s notes saw a few trades and went out “more or less unchanged.”

PBF’s 6% senior notes due 2028 (Caa1/B/B+) softened about 3/8 point to the 72 bid range.

ASP AMC Holdings Inc.’s Air Methods notes crept lower on Wednesday with the 8% senior notes due 2025 (Caa3/CCC) trading over 10 points weaker month to date.

Subsidiaries Air Methods’ and ASP AMC Merger Sub Inc.’s 8% senior notes due 2025 (Caa3/CCC) fell to 77¾, 78.

“Those were 79 yesterday and a couple days ago, they were at 80, so it’s leaking lower,” a market source said. “It was at 90 at the beginning of October.”

Mallinckrodt LLC’s 5 5/8% notes due 2023 declined about 2 points to 45¼ bid.

In China’s distressed property developer space, Kaisa Group Holdings Ltd.’s bonds went out flat to better following ratings downgrades.

Kaisa’s 9¾% senior notes due 2023 (B3//CCC+) were 1½ points stronger by the close at 33 bid.

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