Revlon trades lower; Transocean rallies; Hertz, Washington Prime bonds improve

By Cristal Cody

Tupelo, Miss., May 10 – Distressed cosmetics manufacturer Revlon Consumer Products Corp.’s notes declined on Monday following the release of the company’s first-quarter earnings results.

Revlon’s 6¼% senior notes due 2024 (C/C/) fell more than 4½ points to the 34¾ bid area, a source said.

The company reported operating losses declined to $12.7 million from $186.2 million in the same quarter last year.

Hertz Corp.’s bonds were mostly stronger following the release of strong first-quarter earnings results on Friday.

The company’s 6¼% senior notes due 2022 rose ½ point to 103 bid on Monday after improving 2½ points on Friday, a source said.

Washington Prime Group, LP’s bonds remained better on Monday following the release of weak first-quarter earnings, a source said.

The company’s 6.45% notes due 2024 (C/D/C) traded up more than 1 point to the 63 bid range.

Washington Prime Group Inc. reported net losses of $55.4 million for the quarter, compared to earnings of $3.4 million in the same period last year.

In distressed energy issues, Transocean Inc.’s 7½% senior notes due 2031 (C/CCC-/) climbed 2½ points to 59 bid on more than $12 million of secondary volume, a source said.

The offshore driller’s 7½% senior notes due 2026 (Ca/CCC) rose 1 point to 81 bid, up nearly 10 points month to date.

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