Hertz spikes on rights offering; Frontier mixed in telecom space

By James McCandless

San Antonio, June 13 – The distressed debt space spent Thursday focused on the newsmakers of the week.

Hertz Global Holdings Inc.’s notes spiked after the company announced a rights offering to raise $750 million.

Elsewhere, in telecom, Frontier Communications Corp.’s issues were mixed a day after receiving an analyst downgrade for some of its bonds.

Sector peer Intelsat SA’s paper moved upward.

In retail, Neiman Marcus Group, Inc.’s notes were dropping a few days after posting its third-quarter earnings.

PetSmart, Inc., another retailer, saw its issues end with mixed results.

Meanwhile, in energy, Ensco Rowan plc’s paper dipped as the company responds to an investor call for a special dividend.

As oil futures gained, California Resources Corp.’s notes declined and Weatherford International plc’s issues finished mixed.

Drugmaker Teva Pharmaceutical Industries Ltd.’s paper rose.

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