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Diamond Sports declines; Mallinckrodt gets bump; PBF, Talen up; Evergrande lower
By Cristal Cody
Tupelo, Miss., Oct. 14 – Diamond Sports Group LLC’s notes fell 1 point to 1½ points in strong secondary action on Thursday with the notes under pressure this week following parent Sinclair Broadcast Group Inc.’s report of additional funding discussions.
Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CCC) traded 1 point weaker, going out Thursday at 59½ bid, a source said.
Secondary supply totaled $19 million.
In other distressed action, Mallinckrodt LLC’s bonds climbed about 2¼ points to 3½ points during the session.
The company’s 5½% notes due 2025 (D) jumped 3½ points to 48 bid on $3 million of secondary volume.
Energy-related bonds mostly were higher on Thursday as oil prices climbed.
PBF Holding Co. LLC’s 6% senior notes due 2028 (Caa1/B/B+) improved about ½ point to around the 72 bid area in “mainly odd lots” on Thursday, a source said.
Talen Energy Supply LLC’s 10½% senior notes due 2026 (B3/CCC/B-) were quoted slightly better on the week at 55¾ bid from 55, 54 last week.
China Evergrande Group’s paper was seen off about 3/8 point and trading with a handle in the low 20s on Thursday.
“The bonds have continued trading down,” a source said. “They’re fairly unchanged to down 3/8 point on the day. But overall, they keep testing new lows.”
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