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Mallinckrodt, Diamond Sports notes trade up; Texas storm-hit Talen, Nine Energy decline
By Cristal Cody
Tupelo, Miss., March 11 – Bankrupt pharmaceuticals maker Mallinckrodt plc’s bonds traded 4 to more than 5 points higher on Thursday after the company announced the previous day it reached an agreement to pursue a plan of reorganization.
A source saw the company’s 5¾% senior notes due 2022 up 5¾ points at 66½ bid on $13 million of trading volume.
Mallinckrodt’s 4¾% senior notes due 2023 traded up 4 points to 13 bid on nearly $5 million of secondary supply during the session.
Separately, Diamond Sports Group LLC’s bonds traded higher in heavy secondary supply on Thursday, recovering after softening Monday following a downgrade by Moody’s Investors Service.
The company’s 5 3/8% senior secured notes due 2026 (B2/CCC+) rose 1¾ points to 72¾ bid on more than $26 million of trading volume, a source said.
In the secondary market, Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) fell 1 point to 83 bid ahead of the company’s aftermarket conference call to discuss its fourth-quarter and year-end earnings results, a source said.
And Houston-based oilfield services company Nine Energy Service, Inc.’s 8¾% notes due 2023 (Caa2/D) were quoted more than 1¼ points weaker at 51½ bid on Thursday in light trading volume, a source said.
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