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Hertz jumps; Frontier up; Endo gains; Mallinckrodt flat; NGL bonds mixed
By Cristal Cody
Tupelo, Miss., April 21 – Hertz Corp.’s bonds climbed higher in secondary trading after the company filed a fourth modified Chapter 11 bankruptcy plan on Wednesday.
The 5½% notes due 2024 rose to 104¾ bid in strong supply over the day, up 1¼ points from Tuesday and nearly 6 points higher from the same session a week ago, a source said.
Frontier Communications Corp.’s 11% senior notes due 2025 were seen at 71 3/8 bid early afternoon after ending trading Tuesday at 71¼ bid.
Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) headed out better at 68 5/8 bid after dropping nearly 2 points in the prior session to 68¼ bid, a source said.
Bankrupt pharmaceuticals maker Mallinckrodt plc’s bonds were steady in thin trading following the company’s Chapter 11 bankruptcy plan filing on Tuesday.
The 4¾% notes due 2023 were mostly flat at 20 bid after declining 3 points in the previous day.
NGL Energy Partners LP’s 7½% senior notes due 2026 (Caa1/CCC+) fell more than 2½ points to 86 bid Wednesday, a source said.
Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) were quoted at 73¾ bid, up 1¼ points from the same day a week ago.
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