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Bausch pharma bonds mixed, secured notes flat; Transocean higher; Party City improves
By Cristal Cody
Tupelo, Miss., Sept. 7 – Bausch Health Cos. Inc.’s paper remained strongly traded on Wednesday with the paper mostly mixed on the day.
Bausch’s 6 1/8% secured notes due 2027 (B3/B/BB-) were unchanged at 73 bid on $15 million of volume, a source said.
The company’s 5% senior notes due 2028 (Caa3/CC/C) traded more than ¾ point higher at 35¾ bid on $10 million of notes changing hands.
Junk tone improved on Wednesday while stock indices climbed more than 1% and the Fear Factor index declined over 8%.
Oil prices weakened during the session.
West Texas Intermediate crude oil benchmark futures for October deliveries settled down $4.94 to $81.94 a barrel.
Transocean Inc.’s 8% debentures due 2027 (C/CCC-) rallied over 2 points on Wednesday to a quote of 75 bid on $1 million of activity, a source said.
In other distressed names active in the secondary market on Wednesday, Party City Holdings Inc.’s 8¾% senior secured notes due 2026 (Caa1/CCC+) traded 1¾ points better at 66 bid on $9 million of volume, a source said.
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