Intelsat notes improve as unit begins tender offer; Community Choice notes see gains

By James McCandless

San Antonio, Sept. 10 – A new week in trading saw the distressed debt market remain focused on news-specific names.

Intelsat SA’s notes improved as a subsidiary announced a cash tender offer for a series of outstanding senior notes due 2020.

Community Choice Financial Inc.’s notes rose after the company announced that it had gained $45 million in financing late Friday.

American Tire Distributors’ paper declined. Last Tuesday, the company announced that it had reached a recapitalization agreement with a majority of bondholders.

Frontier Communications Corp.’s notes ended mixed. The company recently posted earnings that disappointed analysts and led to a ratings downgrade.

Digicel Group Ltd.’s notes gained. Last week, the company extended its early tender deadline for two series of notes.

New Gold Inc.’s paper was level after gaining the attention of traders over the last month.

Luxembourg-based satellite communications company Intelsat’s notes improved, traders said, as subsidiary Intelsat Jackson Holdings SA began a cash tender offer to purchase any and all of its $1,751,119,000 outstanding 7¼% senior notes due 2020 on Friday.

The Intelsat Jackson 5½% notes due 2023 picked up about ½ point to close at around 91 bid. The Intelsat (Luxembourg) SA 8 1/8% notes due 2023 rose about ½ point to close at around 86 bid.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.