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Diamond Sports, TPC decline; Shelf Drilling softens; Evergrande quiet; Kaisa improves
By Cristal Cody
Tupelo, Miss., Nov. 17 – Diamond Sports Group LLC’s paper fell another 2¾ points to 3 7/8 points in heavy secondary trading on Thursday, going out over 10 points lower week to date.
The company’s 5 3/8% senior secured notes due 2026 (Caa1/CCC) dove 3 7/8 points to trade at 46¼ bid on $22.75 million of volume, a source said.
TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) sank another 5 points to 67½ bid with the notes losing over 20 points since last week.
In other distressed trading, Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) were over 1½ points weaker at the 75¼ bid range on $4 million of supply Thursday, a source said.
China Evergrande Group’s bonds were quiet after the company reported it will sell its stake in film producer and streaming services firm Hengten Network Group as the property developer works to stave off bond defaults.
Evergrande’s 8¾% senior notes due 2025 (C/C/C) were last seen trading on Tuesday at 23½ bid.
Kaisa Group Holdings Ltd.’s 9 3/8% senior notes due 2024 (C//CCC-) improved 2 points to 38½ bid, about 10 points higher from the prior week.
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