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Distressed oil, gas bonds gain; AMC, Rite Aid paper better; American Airlines weakens
By Cristal Cody
Tupelo, Miss., Jan. 5 – Oil and gas names in the distressed debt space improved on Tuesday on the back of better oil prices.
Offshore driller Transocean Ltd.’s distressed paper (C/CCC-) was among the day’s gainers.
“The bonds were up quite a bit across the board,” a source said.
The company’s 7½% senior notes due 2026 climbed 1¾ points to 48¾ bid.
Transocean’s 6.8% notes due 2038 jumped 2¾ points over the day to 37¼ bid.
Also, Transocean’s 9.35% notes due 2041 headed out up 2¾ points at 40¼ bid.
Oil prices soared more than $2 over the day on newly announced production cuts from Saudi Arabia.
North Sea Brent crude oil futures climbed $2.51 to settle at $53.60 per barrel.
Other issuers in the space also improved on Tuesday.
Separately, American Airlines Group Inc.’s 3¾% senior notes due 2025 (Caa1/CCC/CCC) softened another 1.65 points to 74.6 bid over the day.
Elsewhere in trading, theater owner AMC Entertainment Holdings, Inc.’s bonds continued to rise on Tuesday.
AMC’s 10½% first-lien secured notes due 2026 (Caa2/CCC) improved 1¾ points to 70¾ bid, a source said.
In other market action, Rite Aid Corp.’s notes traded heavily on Tuesday. The 7½% senior secured notes due 2025 (Caa1/CCC-/BB-) were quoted up ¼ point at 104 bid, a source said.
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