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Intelsat gains back losses after exchange offer falls apart; Hertz mixed; E&P names down
By Colin Hanner
Chicago, June 2 – Activity in Friday’s distressed debt session followed up on notable activity from previous sessions to cap a shortened week, with Intelsat SA leading movement of distressed names.
Rebounding off a mostly down Thursday session, Luxembourg-based satellite and telecommunications company Intelsat pared some of its losses with across-the-board gains.
Its 7¼% notes due 2019 were up 4½ points, a trader said, with the 7½% notes due 2021 following with a 1¾-point gain to finish at 92.
Hertz Corp., which saw an uptick in activity in existing bonds following $1.25 billion issue of five-year second-lien secured notes issued on Wednesday, stayed in the mix.
Oil prices continued to dwindle off persistent suggestion that the Organization of Petroleum Exporting Countries’ cut extension into early next year would do little to stabilize the market.
California Resources Corp., whose movement broadly aligns with day-to-day oil price movement, was down, as were MEG Energy Corp. and Denbury Resources Inc.
Activity stemming from merger activity between offshore drillers Atwood Oceanics Inc. and Ensco plc from Tuesday continued into Friday, though each did not move much, if at all.
Community Health Systems Inc. was unchanged as its stock plunged, and Valeant Pharmaceuticals International Inc. was up fractionally.
Frontier Communications Corp. was one of the day’s most-active issues, global shipper Navios Maritime Holdings Inc. saw one of the biggest drops across any issue, and Neiman Marcus Group, Inc. was higher on little volume.
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