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Published on 11/29/2021 in the Prospect News High Yield Daily.

Team Health up; Air Methods, Endo decline; Telesat mixed; Evergrande better; Agile soft

By Cristal Cody

Tupelo, Miss., Nov. 29 – Team Health Holdings, Inc.’s 6 3/8% senior notes due 2025 (Caa3/CCC) rallied nearly 3 points on Monday as the paper improves from declines in October.

The 6 3/8% senior notes due 2025 (Caa3/CCC) traded over 2¾ points better at 88 bid, a source said.

Other issuers in the distressed health care and pharmaceuticals space stayed mostly weaker in post-Thanksgiving Day trading.

Air Methods Corp.’s 8% senior notes due 2025 (Caa3/CCC) declined 1¼ points to 78 bid.

Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) traded ½ point lower at 75¾ bid.

Mallinckrodt plc’s 5 5/8% notes due 2023 dropped 1¾ points to 56¾ bid.

In other distressed activity, Talen Energy Supply LLC’s 10½% senior notes due 2026 (Caa1/CCC/B-) went out unchanged at 60½ bid.

Telesat Corp.’s 6½% senior notes due 2027 (Caa1/B) were more than 1¾ points better at the 78½ bid area on over $3 million of paper traded, a source said.

China Evergrande Group’s 8¼% senior notes due 2023 (C/C/C) improved over 2½ points to 34¼ bid, according to a market source.

Agile Group Holdings Ltd.’s 5¾% notes due 2025 (B+) traded nearly 1½ points weaker at 69 bid.


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