Bausch mixed on exchange offer; Transocean softens; Bed Bath & Beyond up on stock deal

By Cristal Cody

Tupelo, Miss., Aug. 31 – Bausch Health Cos. Inc.’s paper was mixed but mostly declined on Wednesday on news of the company’s debt exchange offer and subsequent downgrades from all three major credit ratings agencies.

Bausch’s 9% senior notes due 2025 (Caa3/CC/C) were trading up nearly 7½ points at 65 bid.

Most of the rest of the company’s capital structure softened during the session, a market source said.

Bausch’s 7¼% senior notes due 2029 (Caa3/CC/C) dropped 5½ points to 37¼ bid.

Moody’s Investors Service, S&P Global Ratings and Fitch Ratings downgraded the company on Wednesday on the “distressed” debt exchange announcement.

Market weakness leaked into Wednesday’s session with stocks and oil prices depressed.

Transocean Inc.’s 8% debentures due 2027 (Ca/CCC-) slipped ½ point to 74½ bid and were trading nearly 2 points lower since Friday, a source said.

Bed Bath & Beyond Inc.’s notes improved as the company announced strategic changes, including an offering of up to 12 million shares of common stock, while its stock sank more than 21%.

Bed Bath & Beyond’s 5.165% senior notes due 2044 (Caa3/CCC) moved out of the teens after trading 2¾ points higher on the day to 20¾ bid, a market source said.

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