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Talen extends slide; Transocean up; Plains, PBF, Diamond Sports weaken; GEO rebounds
By Cristal Cody
Tupelo, Miss., June 29 – Talen Energy Supply LLC’s notes weakened another 1 point to 2½ points on Tuesday after the company’s paper ended the prior session down about 2 points to down nearly 6 points.
Talen’s 10½% notes due 2026 (B3/CCC+/B) fell 1¾ points to 72½ bid on $8.5 million of secondary supply, a source said.
The company’s credit default swaps also widened about 4 points in a transition toward distressed trading, another source said.
In other energy issues, Transocean Inc.’s 6.8% notes due 2038 (C/CCC-/) were quoted up 1¼ points at 64½ bid on $3.5 million of secondary supply.
Plains All American Pipeline, LP’s 6 1/8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Ba3/BB/BB) softened more than 1 point to the 88¼ bid area in thin activity.
Also, PBF Holding Co. LLC’s 7¼% senior notes due 2025 (B3/B+/B+) fell more than 1½ points to the 77¾ bid area on $2.4 million of trading activity on Tuesday.
Meanwhile, Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (B2/CCC+) declined 1½ points to 62¼ bid in heavy trading totaling $18 million, a source reported.
GEO Group Inc.’s 6% guaranteed senior notes due 2026 (B2/CCC) jumped more than 6 points to the 84 bid area.
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