Talen, Gran Tierra notes decline; Peabody, TPC, Hertz higher; Mallinckrodt softens

By Cristal Cody

Tupelo, Miss., May 20 – Talen Energy Supply LLC’s bonds dropped more than 3½ to over 5 points in heavy distressed secondary trading on Thursday.

Talen’s 6½% senior notes due 2025 (B3/CCC+/B) shed 5½ points to hit 83 bid on more than $17.5 million of volume, a source said.

Elsewhere, oil and gas explorer Gran Tierra Energy Inc.’s 6¼% senior notes due 2025 (/B-/CCC) declined about 1¼ points to the 85 bid area, a source said.

In distressed coal bonds, Peabody Energy Corp.’s 6 3/8% notes due 2025 (Caa1/CCC) rose ½ point to 57½ bid in strong trading.

Meanwhile, petrochemicals manufacturer TPC Group’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) climbed 2¾ points to 94½ bid on $7 million of secondary supply, a source said.

Bankrupt car rental operator Hertz Corp.’s 6¼% notes due 2022 gained ½ point to 103 bid on Thursday.

Bankrupt pharmaceuticals maker Mallinckrodt plc’s 5¾% notes due 2022 were down less than ¼ point and trading better than the 63¾ bid area during the session, a source said.

Distressed movie theater owner AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) were quiet on Thursday, a source said.

The notes were last seen trading Wednesday at the 91¼ bid area.

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