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Denbury Resources notes active as bankruptcy expected; L Brands better in retail space
By James McCandless
San Antonio, July 29 – Energy and retail names took center stage in the Wednesday distressed debt market.
Denbury Resources Inc.’s notes diverged after the company inked a restructuring agreement with creditors ahead of an expected pre-packaged Chapter 11 bankruptcy.
The 4 5/8% senior subordinated notes due 2023 declined by 1½ points to close at 1¾ bid. The 7¾% notes due 2024 gained 2¾ points to close at 42¾ bid.
On Wednesday, the Plano, Tex.-based E&P entered into a restructuring support agreement with holders of 100% of revolving credit facility loans, 67.2% of second-lien notes and 70.8% of convertible notes for a pre-packaged Chapter 11 plan that will eliminate its $2.1 billion of bond debt, Prospect News reported.
The company is seeking approval for the plan and expects to make the filing on or before July 30.
Meanwhile, in the retail space, L Brands, Inc.’s issues saw better levels after unveiling a $400 million plan to slash spending.
The 6¾% senior notes due 2036 jumped up 6¼ points to close at 96 bid. The 5¼% senior notes due 2028 picked up 4½ points to close at 92 bid.
Early Wednesday morning, the Columbus, Ohio-based retailer announced a plan to cut its annual spending by $400 million.
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