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Mallinckrodt bonds trade higher as exchange starts; WeWork rises after lawsuit news
By James McCandless
San Antonio, April 7 – The distressed debt market saw shifting ground in the pharmaceutical and energy sectors on Tuesday.
Mallinckrodt plc’s notes pushed higher after announcing a private exchange at a reduced amount than previously announced.
The 4 7/8% senior notes due 2020 jumped up 15½ points to close at 87 bid. The 5 5/8% senior notes due 2023 gained 3¼ points to close at 28¼ bid.
On Tuesday, the Staines-upon-Thames, U.K.-based drugmaker and subsidiaries Mallinckrodt International Finance SA and Mallinckrodt CB LLC entered into a private exchange to exchange their $495 million 4 7/8% senior notes due 2020 for new 10% first-lien senior secured notes due 2025 at a rate of $1,000 of new notes for every $1,000 of existing notes exchanged, Prospect News reported.
The company had previously planned to exchange $1.2 billion in debt until that plan was scrapped.
Meanwhile, WeWork Cos. Inc.’s issues rose on news that it had filed a lawsuit against SoftBank for nixing a proposed tender offer.
The 7 7/8% senior notes due 2025 picked up ¾ point to close at 39¼ bid.
The New York-based coworking company’s board of directors announced that it has filed a lawsuit against major investor SoftBank for withdrawing from a $3 billion tender offer.
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