Distressed oil and gas bonds mixed on crude moves; Intelsat stays busy, inches upward

By Stephanie N. Rotondo

Seattle, March 30 – The distressed energy space was moving around Wednesday along with crude oil prices.

Domestic crude spent most of the day in positive territory, as the dollar waned following Federal Reserve chairperson Janet Yellen’s comments Tuesday.

Towards the bell, the dollar’s losses scaled back, pressuring oil prices, which were off only a penny for the day, closing at $38.27 a barrel.

As for distressed energy bonds, there was no clear path for the day.

On the upside, Whiting Petroleum Corp.’s 5¾% notes due 2021 improved 1½ points to end at 66¾, according to a trader. The 5% notes due 2019 jumped almost 4 points to 69.

A trader said Linn Energy LLC’s 6½% notes due 2019 rose half a point to 11½. The 8 5/8% notes due 2020 closed at the same level, up a quarter-point.

Another market source pegged Chesapeake Energy Corp.’s 6 5/8% notes due 2020 at 41½, a gain of 2 points on the day.

As for the day’s downers, SandRidge Energy Inc.’s 8 1/8% notes due 2022 slipped a touch to 6. The dip came as the company said it was talking with advisers about the possibility of entering bankruptcy.

Memorial Production Partners LP’s 7 5/8% notes due 2021 fell a point to 28½. EP Energy Corp.’s 6 3/8% notes due 2023 dropped “3 and change” to 45½, a trader said.

W&T Offshore Inc.’s 8½% notes due 2019 also declined “3 and change” to 12, the trader said.

© 2015 Prospect News.
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