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Chesapeake Energy notes eyed amid stock maneuver; L Brands active in retail space
By James McCandless
San Antonio, April 23 – Newsmakers in the energy and retail sectors remained the focus in the distressed debt market on Thursday.
Chesapeake Energy Corp.’s notes diverged in direction as the company enacts a shareholder rights plan.
The 7% senior notes due 2024 dipped 5½ points to close at 4½ bid. The 11½% notes due 2025 rose 2½ points to close at 7 bid.
After the close on Thursday, the Oklahoma City-based independent oil and gas producer announced that it had adopted a shareholder rights plan to prevent a takeover.
The plan, otherwise known as a poison pill provision, would allow shareholders to purchase common stock at a 50% discount if any person or group moves to acquire 4.9% or more of its outstanding common stock.
The company stated that the reason for the plan is to protect “net operating loss carryforwards.”
In the retail space, L Brands, Inc.’s notes varied a day after the prospective buyer of its Victoria’s Secret segment pushed for nixing the deal.
The 5¼% senior notes due 2028 fell 4¼ points to close at 69¼ bid. The 6 7/8% senior notes due 2035 held level at 68½ bid.
Meanwhile, utilities provider PG&E Corp.’s paper declined by the end of the day.
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