iHeartMedia issues fall as company misses coupon; Northern Oil notes jump on exchange news

By James McCandless

San Antonio, Feb. 1 – The distressed debt market continued its sluggish activity Thursday, although the day’s news brought a glimpse of a faster pace to come, according to traders.

iHeartMedia, Inc.’s notes took another tumble on the announcement that the company would not pay interest on part of its debt, leading to a rating agency downgrade.

On the other side of the spectrum, issues in Northern Oil and Gas, Inc. shot up several points on news Thursday morning of a note exchange agreement that also involves raising new equity and management changes.

Others in the energy space were active, such as bellwether California Resources Corp. and also Noble Energy, Inc. and EP Energy Corp.

Familiar telecom names Frontier Communications Corp. and Intelsat SA held to their reputations as perennial high volume contributors to the trading day.

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