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Hertz notes eyed as company preps stock sale; Pyxus rises after bankruptcy filing
By James McCandless
San Antonio, June 15 – Throughout the Monday session, the newsmakers of the previous week remained in the spotlight in the distressed debt market.
Hertz Global Holdings, Inc.’s notes varied in direction as the company said it would move forward with a plan to sell $500 million more common stock.
The 6% senior notes due 2028 dropped 5 points to close at 43½ bid. The 7 1/8% senior notes due 2026 picked up 2¼ points to close at 43¾ bid.
The two tranches combined saw about $34 million trading.
Early Monday, the Estero, Fla.-based car rental company announced in a Securities and Exchange Commission filing that it was moving forward with its plan to sell up to $500 million in additional common stock.
The company’s bankruptcy judge granted it permission to issue up to $1 billion on Friday.
Hertz is offering the common stock despite telling the judge on Friday that the stock may ultimately be worthless, reiterating the warning in the filing.
Meanwhile, Pyxus International, Inc.’s issues rose after filing for Chapter 11 bankruptcy on Monday.
The 9 7/8% notes due 2021 tacked on 4½ points to close at 13½ bid. The 8½% notes due 2021 improved by 3 points to close at 93 bid.
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