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Sabra declines; Toledo Hospital softens; Bausch Health paper perks up; Michaels lower
By Cristal Cody
Tupelo, Miss., Sept. 20 – The distress in the health care space has spread to some high-grade issuers, including health care real estate investment trust Sabra Health Care LP’s paper that was on the decline on Tuesday.
Sabra’s 3.2% senior notes due 2031 (Ba1/BBB-/BBB-) fell more than ¾ point on Tuesday and has declined about 3½ points since August.
The issue was quoted at the 76 bid area after ending Monday mostly flat, a source said.
Toledo Hospital’s 5.325% senior secured notes due 2028 (Ba2/BB) traded over 1 point lower at the 71¾ bid area in thin activity following being downgraded to full junk status in the prior week, a market source said.
Meanwhile, distressed pharmaceutical paper saw some gains in mostly light secondary trading on Tuesday.
Bausch Health Cos. Inc.’s 9¼% senior notes due 2026 (Caa3/CC/C) jumped 4 points to 60 bid on less than $1 million of volume, a source said.
The retail space also has a few distressed names with one traded heavily on Tuesday, a source said.
Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa1/CCC+) dropped 3 points to 63 5/8 on more than $16 million of volume during the session.
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