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PetSmart notes improve on reports of better earnings; Intelsat paper trades mixed
By James McCandless
San Antonio, Sept. 12 – The distressed debt market continued the week in trading focusing on many of the same names with recent news.
PetSmart, Inc.’s notes gained on reports that its recent private earnings report was better than expected, especially in its online business.
The 8 7/8% notes due 2025 were up about 5½ points to close at 74½ bid. The 5 7/8% notes due 2025 added ½ point to close at 85 bid.
The gains come a day after the company released its second-quarter earnings report, surprising investors with better-than-expected numbers, especially in its online segment, Chewy.com.
Intelsat SA’s notes traded mixed again. On Monday, a subsidiary commenced a cash tender offer.
The Intelsat Jackson Holdings SA 5½% notes due 2023 gained ¼ point to close at around 91 bid. The Intelsat (Luxembourg) SA 8 1/8% notes due 2023 lost ½ point to close at 85¼ bid.
Community Choice Financial Inc.’s paper declined.
The 10¾% notes due 2019 lost ½ point to close at 28 bid, giving up the ¼ point move upward seen a day earlier.
Frontier Communications Corp.’s notes improved. A recent second-quarter earnings report missed analyst predictions and led to a ratings downgrade.
Sanchez Energy Corp.’s paper gained again following rising oil futures.
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