Hertz mixed; Transocean up in heavy trading; Diamond Sports, Mallinckrodt decline

By Cristal Cody

Tupelo, Miss., May 4 – Hertz Corp.’s bonds were mixed in light trading on Tuesday after the company reported it received a revised proposal for funding the company’s Chapter 11 plan of reorganization.

Hertz’s 7% senior notes due 2028 fell about 1½ points to 94½ bid, a source said.

In distressed energy issues, offshore driller Transocean Inc.’s 8% senior notes due 2027 (Ca/CCC) traded 1½ points higher going out at 72½ bid on more than $18 million of bonds traded, a source said.

Bankrupt pharmaceuticals maker Mallinckrodt plc’s bonds traded lower on Tuesday, a market source said.

The company’s 5¾% notes due 2022 dropped 3 points to 65 bid on $3 million of secondary volume.

Elsewhere, Diamond Sports Group LLC’s distressed bonds traded about 1 to 3 points lower on Tuesday, according to a market source.

Diamond Sports’ 5 3/8% senior secured notes due 2026 (B2/CCC+) fell nearly 3 points to 70 bid on under $2 million of paper traded.

The company’s 6 5/8% senior notes due 2027 (Caa2/CCC-) saw heavier activity with $6 million of issues trading more than 1¼ points weaker at 52 1/8 bid.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.