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Hertz notes eyed after delisting warning; PetSmart heads lower on subsidiary earnings
By James McCandless
San Antonio, June 10 – The distressed debt space spent Wednesday focused on travel and retail names.
Hertz Global Holdings, Inc.’s notes varied in direction after receiving a delisting warning on its common stock.
The 6¼% senior notes due 2022 gained 2½ points to close at 40¼ bid. The 5½% senior notes due 2024 held level to close at 39½ bid.
Early Wednesday, the Estero, Fla.-based car rental company announced that it had received a delisting notice for its common stock from the New York Stock Exchange.
The NYSE decided on delisting after the company filed for Chapter 11 bankruptcy last month.
Hertz said that it would appeal the decision.
Retailer PetSmart, Inc.’s issues shifted lower after its e-commerce subsidiary reported lukewarm earnings for the first quarter.
The 8 7/8% senior notes due 2025 shaved off ¼ point to close at 102 bid. The 5 7/8% senior notes due 2025 dipped ¼ point to close at 101¾ bid.
After the close on Tuesday, the Phoenix-based pet supplies retailer’s e-commerce subsidiary Chewy, Inc. reported first-quarter earnings results.
The company showed a loss of 12 cents per share, slightly worse than the 11 cents per share loss predicted by analysts.
Revenues beat analyst estimates at $1.62 billion.
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