Nine Energy soft; Talen dips; Callon stronger; Mallinckrodt active; Diamond Sports down

By Cristal Cody

Tupelo, Miss., March 31 – Houston-based oilfield services company Nine Energy Service, Inc.’s bonds were not active in secondary trading on Wednesday following the company’s downgrade by Moody’s Investors Service.

Nine Energy’s 8¾% notes due 2023 (Caa3/D) were last seen trading on March 24 at 30 bid, a source reported.

Meanwhile, Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) softened to 80½ bid from 80 7/8 bid on Tuesday, a source said.

Houston-based Callon Petroleum Co.’s 6¼% senior notes due 2023 (Caa2/CCC+) gained 1 point to 89½ bid on more than $10 million of bonds traded, a source said.

In other secondary trading on Wednesday, bankrupt pharmaceuticals maker Mallinckrodt plc’s bonds were mixed but remain stronger than at the start of the year, a source said.

The company’s 5 5/8% notes due 2023 climbed 2 5/8 points to 70¾ bid on $5 million of secondary volume.

The notes traded in the same session a week ago at 64 bid and at the start of the year at 37 bid.

Elsewhere, Diamond Sports Group LLC’s bonds fell more than 1 point in active secondary trading on Wednesday, a source said.

The company’s 6 5/8% senior notes due 2027 (B3/CCC-) traded down more than 1½ points to just under 52¾ bid.

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