Washington Prime, Diamond Sports improve; Shelf Drilling stronger; Mallinckrodt softens

By Cristal Cody

Tupelo, Miss., May 6 – Washington Prime Group, LP’s bonds traded higher on Thursday following the company’s approval for an extended forbearance period regarding a missed note payment.

The company’s 6.45% notes due 2024 (C/D/C) added nearly 2¼ points to head out at 65 bid in thin secondary supply, a source said.

Diamond Sports Group LLC’s notes continued to gain in secondary trading on Thursday.

The 5 3/8% senior secured notes due 2026 (B2/CCC+) rose 2 5/8 points to 77¾ bid on $12 million of trading volume, a source said.

The notes are up 4½ points week to date.

Distressed energy paper was mixed as oil prices softened, a source said.

Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) were seen late afternoon up 2½ points to 77¾ bid in light trading volume totaling $2 million.

Gran Tierra Energy Inc.’s 7¾% senior notes due 2027 (/B-/CCC) improved more than 1¾ points to the 86½ bid area on $1 million of paper traded.

In other distressed issues trading Thursday, bankrupt pharmaceuticals maker Mallinckrodt plc’s 5¾% notes due 2022 fell 1½ points to 61½ bid on $3 million of secondary volume, a source said.

The notes are down 6½ points week to date.

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