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FerrellGas notes see bright spot amid sell-off; energy names lower; Westmoreland better
By James McCandless
San Antonio, Oct. 11 – On another day of sell-offs in the equity markets, distressed debt names continued to tumble.
Despite the broad decline, FerrellGas Partners, LP’s notes improved on Thursday on news that the company announced the completion of recent acquisitions.
The 6½% notes due 2021 picked up ¼ point to close at 88¾ bid. The 6¾% notes due 2022 also added ¼ point to close at 87¼ bid.
On Wednesday, the 6½% notes rose 2¼ points and the 6¾% notes also gained 2¼ points.
Elsewhere in energy, uncertainty surrounding Hornbeck Offshore Services, Inc. and whether it can meet its debt obligations spurred declines in its notes and a jump in competitor Navios Maritime Holdings Inc.’s paper.
Oil and gas stalwarts continued to see losses on Thursday, with EP Energy Corp., Sanchez Energy Corp. and California Resources Corp.’s tranches continuing to fall.
Bankrupt Westmoreland Coal Co.’s notes were rising from its lows after its filing and a ratings downgrade.
The 8¾% paper due 2022 rose 1¾ points to close at 29¼ bid.
In the medical space, Community Health Systems, Inc.’s paper declined. After the close, the company announced another hospital sale.
Sears Holdings Corp.’s notes continued to plummet as the market anticipates the company’s bankruptcy. Sector peer PetSmart Inc.’s issues also fell.
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