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Community Health softens; Diversified Healthcare higher on week; Transocean declines
By Cristal Cody
Tupelo, Miss., July 8 – Bonds in the health care space remained mostly under pressure on Friday in light secondary trading.
Community Health Systems Inc.’s notes went out flat to softer on the day and down about 4 points or more on the week.
CHS/Community Health Systems, Inc.’s 6 1/8% senior secured notes due 2030 (Caa2/CCC) declined more than 1 point to the 56½ bid area by the close, a source said.
Diversified Healthcare Trust’s bonds were mixed on Friday but higher on the week after the real estate investment trust sold a 10% stake in Boston Life Sciences Complex for $108 million, a source said.
Diversified Healthcare’s 4 3/8% senior notes due 2031 (B2/BB) went out mostly unchanged at 68 bid, about ½ point higher on the week.
Their 4¾% senior notes due 2028 (B3/BB-) were up nearly ½ point on Friday at the 73¾ bid range.
In other distressed paper, Transocean Inc.’s bonds softened about ¾ point to 1¾ points on Friday following a downgrade from S&P Global Ratings.
Transocean’s 8% debentures due 2027 (C/CCC-) fell about ¾ point to 65¾ bid, a source said.
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