Wesco notes decline; Home Point Capital edges up but soft on week; Talen paper mixed

By Cristal Cody

Tupelo, Miss., Sept. 8 – Wesco Aircraft Holdings Inc.’s secured notes declined another 1¾ points to 2 points on Wednesday in healthy trading action.

The company’s paper was “active and lower” on the day, a trader told Prospect News. “It’s definitely been leaking. The secureds are down from the mid-90s to the high 80s.”

Wesco Aircraft’s 8½% senior secured notes due 2024 (Caa3/CCC+) issued via Wolverine Escrow LLC fell 1¾ points to 87 bid on $18 million of secondary volume.

Mortgage provider Home Point Capital Inc.’s paper has been pressured also but improved about ½ point on Wednesday, sources reported.

“It’s down 2 points this week,” a source said.

The 5% senior notes due 2026 (B3//B-) rose ½ point to 85 bid during the session.

Meanwhile, Talen Energy Supply LLC’s paper was mixed Wednesday.

Talen’s bonds skidded into the distressed space in May after trading in the high 95 bid area with the unsecured notes now trading under 50 bid, a source said.

The company’s 10½% senior notes due 2026 (Caa1/CCC/CCC+) fell more than 1 point to the 47 bid area on $7 million of secondary supply.

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