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L Brands notes eyed as new issue prices; American Airlines gains as demand strengthens
By James McCandless
San Antonio, June 4 – Distressed debt trading focused on the retail and airline sectors on Thursday.
L Brands, Inc.’s notes varied in direction as the company brought a new offering of five-year notes to market.
The 5¼% senior notes due 2028 shed 3½ points to close at 85 bid. The 6 5/8% senior notes due 2021 picked up 3¼ points to close at 104 bid.
On Thursday, the Columbus, Ohio-based retailer priced $1.25 billion of five-year notes in a two-part Thursday drive-by, Prospect News reported.
The deal included $750 million of senior secured notes and $500 million of senior unsecured bullet notes.
In the airline space, American Airlines Group Inc.’s paper gained altitude as the company increases flights in anticipation of demand.
The 5% senior notes due 2022 gained 2 points to close at 70 bid. The 3¾% senior paper due 2025 jumped up 8½ points to close at 63¾ bid.
Early Thursday, the Fort Worth-based airline announced that it would expand its flight schedule to meet expected traveler demand as coronavirus-related restrictions are lifted.
On its busiest days in July, the company expects to operate about 4,000 flights, up from its 2,300 estimate in June.
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