Bausch flat to lower; Bed Bath & Beyond paper declines; Toledo Hospital notes stable

By Cristal Cody

Tupelo, Miss., Sept. 6 – Bausch Health Cos. Inc.’s paper traded flat to ¾ point lower as one of the most active distressed names seen in otherwise mostly light secondary trading in the post-Labor Day market on Tuesday.

Bausch’s 9¼% senior notes due 2026 (Caa3/CC/C) fell ¾ point to 58¾ bid on $13 million of secondary volume, a market source said.

Bausch’s 5½% secured notes due 2025 (B3/B/BB-) went out unchanged at 81¼ bid on $9 million of paper traded.

Bed Bath & Beyond Inc.’s notes softened in mostly light trading in the first session back after the Friday death of the company’s chief financial officer was reported over the weekend.

The distressed retailer’s 5.165% senior notes due 2044 (Caa3/CCC) dropped more than 2¼ points on $2 million of paper traded on Tuesday, a source said.

The notes were quoted with an 18 handle.

Shares slid more than 18% over the day to $7.04.

In other distressed names, Toledo Hospital’s 5.325% senior secured notes due 2028 (Baa3/BB) were mostly unchanged from Friday but trading more than 5 points better so far in September.

The issue was steady going out at 71¼ bid, a source reported.

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