Bausch bonds decline; WeightWatchers rallies; Bed Bath & Beyond notes stuck in teens

By Cristal Cody

Tupelo, Miss., March 8 – Bausch Health Cos. Inc.’s notes came under more pressure in strong secondary trading on Wednesday.

The notes slipped about ¼ point to 3 points with the issuer among the most active distressed names on about $21 million of volume, a source said.

Bausch’s 5% notes due 2028 (Ca/CCC-) slipped ¼ point to 43¾ bid on nearly $10 million of volume.

WeightWatchers also was a name bandied about on the company’s plans to buy a telehealth provider and its fourth-quarter losses announced Monday, a source said.

The company is more specifically known as WW International Inc. after changing its name from Weight Watchers International, Inc. in 2019.

The company’s 4½% senior secured notes due 2029 (B1/B) were quoted trading early afternoon at 55 offered before moving higher by the close.

The bonds were last seen more than 6 points better on the day with a 56 bid handle on $4 million of trading.

Bed Bath & Beyond Inc.’s paper was lightly traded after the distressed retailer reported it has received additional proceeds as part of its preferred stock warrants offering in February.

The 5.165% senior notes due 2044 (C/C) were quoted at 13½ bid, a source said.

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