Intelsat notes rise after Q4 earnings report; L Brands eyed amid asset sale, CEO exit

By James McCandless

San Antonio, Feb. 20 – The distressed debt market put its focus into shifting ground in the telecom and retail sectors.

Intelsat SA’s notes were on the rise after the company released mixed results in its fourth-quarter earnings report.

Intelsat Luxembourg SA’s 8 1/8% senior notes due 2023 picked up 1½ points to close at 46 bid. The 9½% senior notes due 2023 garnered 1¾ points to close at 67¼ bid.

On Thursday morning, the Luxembourg-based satellite operator released its fourth-quarter earnings report.

The company reported a loss of 81 cents per share, narrower than the 99 cents per share loss that was expected by analysts.

Revenues outpaced analyst predictions at $516.95 million.

Meanwhile, retailer L Brands, Inc.’s paper varied in direction amid news of an executive departure and an asset sale.

The 6¾% senior paper due 2036 held level at 104½ bid. The 5¼% senior notes due 2028 shed 2¾ points to close at 99¾ bid.

News broke on Thursday that the Columbus, Ohio-based retail name has sold a majority stake in Victoria’s Secret to private equity firm Sycamore Partners for $525 million. L Brands will retain a 45% stake.

Concurrently, chief executive officer Leslie Wexner announced that he would resign.

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