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Bausch higher; Allen Media up; WeWork drops; Transocean gains; BB&B soft
By Cristal Cody
Tupelo, Miss., April 3 – Distressed paper from Bausch Health Cos. Inc. and Allen Media LLC finished at the top of active secondary trading Monday, sources said.
Bausch Health’s 4 7/8% senior secured notes due 2028 (Caa1/CCC+/B) rose 1½ points to 61 bid on $12 million of volume.
Bausch Health Americas, Inc.’s 9¼% senior notes due 2026 (Ca/CCC-/CC) traded over 2¾ points higher at 78 bid on $3 million of activity.
Allen Media’s 10½% senior notes due 2028 (Caa1/CCC) climbed 4 points to 56½ bid on $12.7 million of supply during the session.
Elsewhere, Transocean Ltd.’s 7½% notes due 2031 (Caa3/CCC) were up 2¼ points at 78¼ bid as oil prices rallied on announced production cuts, a source said.
WeWork Inc.’s notes declined about 2 to 2½ points Monday after the company launched exchange offers and consent bids for two tranches of notes due 2025.
WeWork 7 7/8% senior notes due 2025 (CC/C) dropped 2½ points to head out at 52¾ bid on $3 million of volume, a source said.
Bed Bath & Beyond Inc.’s 3.749% senior notes due 2024 were down about ¾ point and trading around 10 bid in thin supply.
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