Mallinckrodt continues slide in pharma space; J.C. Penney up amid executive stock buys

By James McCandless

San Antonio, Aug. 30 – The distressed debt space saw light trading ahead of the Labor Day weekend.

Mallinckrodt plc’s notes continued to slide in the pharmaceuticals space as the market continues to react to its drawing down of its remaining capital in its revolving credit facility.

The 4¾% senior notes due 2023 dropped 3½ points to close at 35½ bid. The 5½% senior notes due 2025 crashed 10½ points to close at 44 bid.

On Thursday, the 4¾% notes dropped 9¾ points.

The Staines-upon-Thames, England-based drug maker announced on Wednesday that a subsidiary drew down the remaining $95 million of available funds in its revolving credit facility.

Meanwhile, in retail, J.C. Penney Co., Inc.’s paper gained amid news of several executives making large purchases of common stock.

The 5.65% senior paper due 2020 picked up ½ point to close at 94½ bid. The 5 7/8% senior secured paper due 2023 improved by 1 point to close at 84 bid.

On Thursday, news broke that several of the Plano, Tex.-based department store chain’s executives had made large purchases of its common stock.

Separately, Bed Bath & Beyond Inc.’s 5.165% senior notes due 2044 fell ½ point to close at 69½ bid. The 4.915% senior notes due 2034 shaved off ¼ point to close at 75¾ bid.

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