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Mallinckrodt better after settling suit; L Brands down as tender offer starts
By James McCandless
San Antonio, June 5 – The distressed space spent another day fixated on pharmaceutical and retail tranches with news affecting both sectors.
Mallinckrodt plc’s notes closed the session better after announcing that it had settled a U.S. Department of Justice lawsuit for more than $15 million.
Sector peer Teva Pharmaceutical Industries Ltd.’s issues finished lower.
Meanwhile, in retail, L Brands, Inc.’s paper traded down as the company began a tender offer for four series of notes and priced a new issue.
Pet supplies retailer PetSmart, Inc.’s notes continued an upward trend as it gears up for an initial public offering of e-commerce unit Chewy.com.
A bad day for oil futures led to similar dips for Denbury Resources, Inc.’s, Chesapeake Energy Corp.’s and California Resources Corp.’s issues.
Elsewhere, manufacturer U.S. Steel Corp.’s paper moved higher as potential tariffs against Mexico continue to be threatened by President Trump.
In telecom, Frontier Communications Corp.’s notes improved, continuing to capture the market’s attention.
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