GEO notes climb; Consol softens; Peabody better; telecom bonds mixed; Mallinckrodt higher

By Cristal Cody

Tupelo, Miss., April 7 – GEO Group Inc.’s bonds saw heavy trading over Wednesday’s session after the company reported it suspended quarterly dividends.

Canonsburg, Pa.-based coal producer Consol Energy Inc.’s 11% second lien notes due 2025 (Caa1/CCC) declined 1 point to 93 bid on $3 million of paper traded, a source said. The notes are yielding more than 13%.

The company announced on March 31 that it priced $75 million of revenue bonds.

St. Louis-based coal producer Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/CCC-) traded about ¼ point better at 41 5/8 bid, a market source said.

Looking at the distressed telecom sector, secondary action was light, a source said.

Looking at other bankrupt issues trading on Wednesday, pharmaceuticals maker Mallinckrodt plc’s bonds were stronger on thin supply, a market source said.

Mallinckrodt’s 5¾% notes due 2022 jumped 2½ points to 70¾ bid.

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