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Bausch, Community Health under pressure; Diamond Sports little changed; Sinclair gains
By Cristal Cody
Tupelo, Miss., Feb. 10 – Distressed bonds in the health care space came under pressure over Friday’s session.
Bausch Health Cos. Inc.’s 8½% senior notes due 2027 (Ca/CCC/CC) slid 3 points to drop below a 50 handle on Friday.
The issue from Bausch Health Americas, Inc. traded at 49¾ bid, according to a market source.
CHS/Community Health Systems, Inc.’s paper also declined ahead of the company’s earnings release in the Feb. 13 week.
CHS/Community Health’s 6 1/8% senior secured notes due 2030 (Caa2/CCC) were down 2 points at 61¾ bid, a source said.
While Diamond Sports Group LLC’s paper has edged up in distressed trading on growing default chatter, paper from parent affiliate Sinclair Television Group, Inc. also improved this week, according to market sources.
Sinclair’s 5½% senior notes due 2030 (B2/B-) went out nearly 3 points better on the week on $28 million of volume.
Diamond Sports’ paper was modestly better but little changed from the prior week.
The company’s 5 3/8% senior secured notes due 2026 (Caa3/CCC-) were last seen trading at 9½ bid on Thursday, about ¼ point higher from where the issue was quoted at 9¼ bid a week ago.
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