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Diamond Sports gains in heavy trading; PBF improves; Staples up; Sunac paper slides
By Cristal Cody
Tupelo, Miss., Jan. 13 – Notes from Diamond Sports Group LLC traded heavily on Thursday in the distressed secondary market after the company announced it reached a $600 million new money transaction.
Parent Sinclair Broadcast Group Inc. tried three times unsuccessfully in 2021 to conduct a transaction.
The 5 3/8% senior secured notes due 2026 (Caa1/CCC) finished up nearly ½ point near the 50¾ bid area on $33 million of volume, while the 6 5/8% senior unsecured notes due 2027 (Ca/CC) rallied 1¼ points to 29¼ bid on $22 million of supply.
“A lot of trading today,” a source said. “Having that $600 million confirmed is just good news for them and sending their bonds up.”
PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) picked up another 1¾ points to head out at 83 bid on Thursday on volume of over $4.5 million after trading more than 3 points better on Wednesday.
Staples Inc.’s 10¾% senior notes due 2027 (Caa1/CCC+) added 1¼ points to trade at 96½ bid on over $11 million of supply after picking up 1 1/8 points on more than $17 million of volume in the prior session.
In China’s distressed property developer space, Sunac China Holdings Ltd.’s offshore bonds slid about 6 points.
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