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Midas bonds rebound; Transocean up; Talen, Washington Prime, Diamond Sports down
By Cristal Cody
Tupelo, Miss., Aug. 18 – Midas Intermediate Holdco II LLC’s bonds recovered by the close on Wednesday after sinking in the distressed secondary market at the start of the day.
The 7 7/8% senior notes due 2022 (Caa3/CCC-) issued by Midas Intermediate Holdco II and doing business as Service King headed out at 82¾ bid after trading at 74½ bid out of the gate Wednesday, a source said.
“The bonds were down 5 points yesterday and some guys tried to take them down another 9 points today, but it’s since rallied all the way back,” the source said.
Distressed energy bonds were “somewhat muted” on Wednesday with energy names mostly down about ¼ point to ½ point, a market source said.
Talen Energy Supply LLC’s bonds softened with the 6½% senior notes due 2025 (B3/CCC+/B-) down about 5 points to 41 bid by the close.
Transocean Inc.’s 6.8% senior notes due 2038 (C/CCC) traded more than 1½ points better near the 50¾ bid area on volume totaling over $3 million on Wednesday.
In other distressed issues, Washington Prime Group, LP’s 6.45% notes due 2024 (C/D/CC) fell 1 7/8 points to 50 7/8 bid.
Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (B2/CCC+) were down about ¼ point to 60¾ bid.
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