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Energy names continue to be in focus amid bankruptcy filings, coupon payment news
By Stephanie N. Rotondo
Seattle, April 15 – The distressed bond market acted like there was “an early close” on Friday, according to one trader.
But the distressed energy space continued to get attention, as a week of bankruptcy filings and coupon payment news, along with a nearly 3% dip in domestic crude prices, pushed paper around.
Linn Energy LLC bonds were mixed on the day, as the Houston-based oil and gas producer said it made late interest payments on its 7¾% notes due 2021, 6½% notes due 2021 and on Berry Petroleum’s senior notes due 2022.
Linn also said it was using the 30-day grace period for payments on its 8 5/8% notes due 2020, its 6¼% notes due 2019 and Berry’s 6¾% notes due 2020.
A trader said the 7¾% notes fell a deuce on the day, closing at 9¼. But the 8 5/8% notes ticked up a quarter-point to 11¼.
Breitburn Energy Partners LP’s 8 5/8% notes due 2020 “bounced a little bit,” a trader said, after losing ground on Thursday, after the company said it was deferring about $47 million in interest payments on its outstanding debt.
Among recent bankruptcy filers, Energy XXI Ltd.’s 11% second-lien notes due 2022 pushed up almost a point to 24½. The Houston-based oil and gas company filed for Chapter 11 protections on Thursday.
On Wednesday, Peabody Energy Corp., a St. Louis-based coal producer, also filed for bankruptcy. On Friday, a trader said there were bids for all of the bonds.
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