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L Brands bonds sink as ratings downgraded; Uniti notes rebound after earnings report
By James McCandless
San Antonio, March 13 – The week in the distressed debt market closed with positivity that was centered on newsmakers and the energy space.
L Brands, Inc.’s notes trended lower as the company received a slate of ratings downgrades during the Friday session.
The 6¾% senior notes due 2036 dropped 6½ points to close at 86¼ bid. The 5¼% senior notes due 2028 lost 3¼ points to close at 85¾ bid.
During the Friday session, Moody’s Investors Service issued a slate of downgrades for the Columbus, Ohio-based retailer.
The agency lowered all of the company’s ratings, including its corporate family rating, probability of default rating and issue-level ratings.
Moody’s cited the company’s recent sell-off of a majority of its Victoria’s Secret brand as an opportunity to focus on its more profitable Bath & Body Works unit but at the same time prevents diversification problems.
Meanwhile, REIT Uniti Group Inc.’s paper rebounded off of Thursday’s drop as the market reacts to lukewarm earnings.
The 7 7/8% senior notes due 2025 gained 2 points to close at 99½ bid. The 8¼% senior notes due 2023 shot up 6½ points to close at 85½ bid.
After the close on Thursday, the Little Rock, Ark.-based real estate investment trust issued a lukewarm fourth-quarter earnings report.
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