Wesco paper higher; Diamond Sports extends exchange start, paper mixed; TPC notes quiet

By Cristal Cody

Tupelo, Miss., Feb. 7 – Wesco Aircraft Holdings Inc.’s secured bonds (Caa3/CCC+) caught the eye of the distressed space on Monday as restructuring reports circulated.

Paper from the aerospace supplier, now doing business as Incora after a merger with Pattonair Ltd., improved about 1¼ points to 4 points in heavy trading.

Wesco’s 8½% senior secured notes due 2024 (Caa3/CCC+) shot up 1¼ points to 86 bid on more than $19.76 million of volume, a source said.

Diamond Sports Group LLC’s notes went out unchanged to softer in the secondary market ahead of a new reported start for the company’s kickoff to solicit consents for an exchange offer.

The company’s 5 3/8% senior secured notes due 2026 (Caa1/CCC) were flat at 45¼ bid, a source said.

TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/D/C) stayed quiet over the session following missed coupon payments in the prior week and Fitch Ratings’ downgrade of the issuer on Friday.

The notes were last seen trading in the prior week at the 55 bid range, down over 10 points since Jan. 31.

The year-to-date global corporate default tally now totals five after TPC Group and Future Retail Ltd. defaulted due to missed interest payments, according to a S&P Global Ratings report.

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