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Chesapeake active, weak post-exchange offer news; J. Crew rebounds despite dismal earnings
By Stephanie N. Rotondo
Seattle, Dec. 4 – Chesapeake Energy Corp. remained actively traded Friday, just two days after the company announced a private exchange offer for 10 series of notes.
“They traded very actively,” a trader said. “It’s all Chesapeake, wow.”
The 7¼% notes due 2018 fell 3 points to 59¾, while the 6½% notes due 2017 declined 4 points to 69, the trader said. The 3.57% notes due 2019 lost 4½ points, closing at 38½.
As for the 5¾% notes due 2023, those were pegged at 35, off over 4 points.
“They were down,” a second trader said, seeing the 6½% notes fall as low as 67½.
However, he said that issue went out closer to 69.
The trader also saw the 7¼% notes at 59, which he called off 4 points.
J. Crew Group Inc.’s 7¾% senior PIK toggle notes due 2019 – an issue linked to parent company Chinos Intermediate Holdings A Inc. – had “a bit of a rebound,” a trader said Friday.
However, the trader noted that the paper “wasn’t all that active.”
He pegged the issue at “close to 28,” which compared to levels in the mid-20s on Thursday.
Late Thursday, the retailer reported a wider loss for the third quarter. The company also said it had appointed a new chief operating and financial officer.
For the quarter, net loss was $757.9 million, versus a loss of $607.8 million the year before.
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