L Brands notes improve following earnings release; Antero declines amid ratings cut

By James McCandless

San Antonio, Aug. 20 – The Thursday session in the distressed debt space saw a focus on retail and energy names.

L Brands, Inc.’s notes moved to better levels after releasing surprisingly positive second-quarter earnings results.

The 6¾% senior notes due 2036 rose ½ point to close at 98½ bid. The 5¼% senior notes due 2028 picked up 2½ points to close at 95 bid.

After the close on Wednesday, the Columbus, Ohio-based department store company reported a surprisingly positive second-quarter earnings report.

The retailer reported a per share profit of 25 cents, outpacing analyst estimates of a 34 cents per share loss.

Revenues were pegged at $2.32 billion.

Net sales were reported at $2.9 billion, though its Victoria’s Secret unit showed a 39% drop in sales.

Meanwhile, the company’s Bath & Body Works segment reported an 87% jump in comparable-store sales.

Meanwhile, in oil and gas, Antero Resources Corp.’s paper was seen lower after receiving a ratings downgrade.

The 5 5/8% senior paper due 2023 gave up 1½ points to close at 76 bid. The 5% senior notes due 2025 chalked off 1 point to close at 68½ bid.

Late Thursday, the Denver-based independent oil and gas producer received a ratings downgrade from Fitch Ratings.

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