Bausch lower in heavy trading; Transocean extends rally; Diamond Sports notes drop

By Cristal Cody

Tupelo, Miss., Aug. 3 – The distressed secondary market saw pharmaceutical, energy and media names active on Wednesday.

Bausch Health Cos. Inc.’s 9% notes due 2025 (Caa2/CCC), down ¼ point and yielding more than 22%, were among the most traded names following the company’s second ratings downgrade of the week.

The notes were quoted at 69½ bid on $14 million of volume, a source said.

Fitch Ratings downgraded the issuer on Wednesday.

Bausch’s ratings were lowered on Monday by S&P Global Ratings.

Transocean Inc.’s notes posted a third day of gains following the offshore driller’s stronger second-quarter report on Monday.

The company’s 7¼% senior notes due 2025 (Ca/CCC) added 1¾ points to trade at 81 bid on $3 million of volume by the close Wednesday, a source said.

Paper from Diamond Sports Group LLC also was active Wednesday after parent company Sinclair Broadcast Group, Inc. reported second-quarter results that “deconsolidated” the local sports segment from its financial statements.

Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CCC) fell 1¾ points to 20¼ bid, a source said. Volume totaled $4 million.

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