Diebold Nixdorf up in distressed trade; Transocean higher; TPC quiet; Bausch softens

By Cristal Cody

Tupelo, Miss., Aug. 2 – Some distressed names popped in the secondary space on Tuesday with the paper moving higher over the session.

Diebold Nixdorf Inc.’s notes traded more than 3 points to 6½ points better after the company reported a wide second-quarter loss.

The company’s 8½% senior notes due 2024 (Ca/CCC-) rallied 6½ points to 54½ bid, a source said.

Transocean Inc.’s paper climbed about 1¾ points to over 9 points higher after going out Monday about 2½ points to over 5 points better after the company reported strong second-quarter revenue.

Transocean’s 7½% senior notes due 2026 (Ca/CCC) were quoted at 78¾ bid, up more than 9¾ points on $11 million of secondary supply.

In other distressed names, TPC Group Inc.’s notes have been quiet in the secondary market so far in August as the bankrupt company received final court approval for a $523 million debtor-in-possession facility.

TPC’s 10½% senior secured notes due 2024 (/D/C) were last seen Thursday at 54 bid, about 1 point lower on the month, a source said.

Bausch Health Cos. Inc.’s bonds remained under pressure on Tuesday following a downgrade from S&P Global Ratings in the prior session, a source said.

Bausch’s 4 7/8% senior secured notes due 2028 (B2/B/BB) fell 1¼ points to 75 bid.

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