Concordia Healthcare Corp. T.CXR.R

CXRCN Bond Pricing Update

[Iattice]

CXRCN 7's  (23 paper) traded 20-22 cents on the dollar in bond trading today.  

The previous chart SpankedOnPaper posted today is outdated, and looks like it was from March 17th.

Longs can not say they were not warned.

[DeathPool]

I agree with these two posters.  The bond market always foreshadows.  Food fight between the banks and the secured holders.  Shareholder equity is turbofucccked.  Lati, are you still short the bonds? Electrum $CXRX they can't raise any more funds in the bondmarket with yields and 50% I anticipate to be the de listed by early spring in my opinion Bearish

[Gabriele1965091]

hi, I have 200k usd on concordia bond 2023 7% bought at 64%.......what your opinion?

[Health123]

This is what one person on Fintwit expert with thousands of followeres posted when 7% bonds were yielding 33.3 %.  ...   Now they are 50%...  So what does that tell you?  According to Moody's your recovery rate on the 7% bonds is 0-10%.  They are junk rated for a reason...    Keubiko‏ @Keubiko  13 Dec 2016 More

[Gabriele1965091]

The situation is tragic, very tragic, but all is not lost ... I will continue to pray that something small positivo..anche can access ... to have the least possible losses ... can you post the situation of the other bonds concord please?

[Gabriele1965091]

The situation is tragic, very tragic, but all is not lost ... I will continue to pray that something positive .. even small can access ... to have the least possible losses ... can you post the situation of the other bonds concord please?

[Iattice]

Here are the prices for the other Concordia bonds you were asking about.  All Concordia bonds were issued at par, and the first liens were just issued in Oct- 2016.  I wouldn't be surprised to see a S&P ratings downgrade on the first-lien notes  (sorry, rad....) as  the B2 rating was from October and prior to Q3 and Q4 earnings. I have also posted yesterday's

[rad10]

ouch B1 to B2 over the course of 5 months.  trading at level of recovery - interest is a bonus. This company just keeps on kicking my tail

[Iattice]

Your stil in the B zone rad...   you will be fine if they announce restructuring before they bleed more cash.   I read (via DebtWire) that the secured first-lien holders now have an ad hoc committee formed and have retained their own legal counsel.    I am not sure if you can add any color ...   And I vote MrHulut to head up the equity committee!  

[GenericAdvocate]

I don't know the bond market but in November people were warning on twitterverse.  Most of us here aren't fortunate to have a Bloomberg terminal to show what the bonds are doing, but it looks like they don't think they will get their money back.   More $CXRX unsecured bonds showing the dreaded "Miss Mew After A Night Of Absinthe"

[rad10]

Gabriele - the arm wrestle will be between the banks and the senior secured debt.  The unsecured is cooked.  sorry man.  Sell when the note is interest heavy prior to default - at least you get to recoup some of the loss.

[SpankedOnPaper]

Yeah, sorry that was from the 17th.  It got worse, now it looks like they won't be able to cover the  senior secured first-liens that were just issued in October.  When the Globe and Mail article was written they were at 79  ....  now 71.5 ...  ugh

[SpankedOnPaper]

Sorry, forgot to post the chart from Distressions.com March 20, 2017 CXRCN CONCORDIA INTL PRICING UPDATE     Security B Px   A Px A YTW A Spd Amt Out Payment Rank Moody Notes CXRCN 9   22