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PBF recovers; Transocean gains; Talen mixed; Midas pushes higher; Diamond Sports up
By Cristal Cody
Tupelo, Miss., Aug. 27 – PBF Holding Co. LLC’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) rallied 3½ points to 3¾ points in heavy trading on Friday as the paper moves toward exiting the distressed space.
The notes traded at 97 bid, up about 9½ points on the week, a source said.
Secondary volume was strong with $30 million of notes traded.
There also was some rebound in Transocean Inc.’s bonds.
Transocean’s 11½% senior guaranteed notes due 2027 (Caa3/CCC+) ended the week at 99 bid, par offered, up from Monday’s 93 bid, 94 offered, a source said.
Talen Energy Supply LLC’s notes were mixed but mostly unchanged on the week, according to a market source.
Talen’s 10½% senior notes due 2026 (B3/CCC/B-) rose about ¾ point to 42 bid, 43½ offered.
Bonds from Midas Intermediate Holdco II LLC, doing business as Service King, went out more than 10 points better from the prior week.
The 7 7/8% senior notes due 2022 (Caa3/CCC-) rose over ½ point to 94¾ bid, a source said.
Diamond Sports Group LLC’s paper traded about 2 points to 3¾ points better on the week following S&P Global Ratings’ downgrade Friday, a source said.
Diamond Sports’ 5 3/8% senior secured notes due 2026 (B2/CCC) traded over the session at 63 bid, 64 offered.
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