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L Brands notes higher as new issue trades; GTT heads lower after ratings downgrade
By James McCandless
San Antonio, Sept. 17 – Heading into the back half of the week, the distressed debt market paid attention to the retail and telecom sectors.
L Brands, Inc.’s notes moved higher as the company sells a $1 billion offering of senior notes and kicks off a tender offer.
The 6¾% senior notes due 2036 picked up 2 points to close at 100¾ bid. The 5¼% senior notes due 2028 garnered ½ point to close at 97 bid.
Late in the day on Wednesday, the Columbus, Ohio-based specialty retailer sold an upsized $1 billion issue of 10-year senior notes at par to yield 6 5/8%.
The issue was upsized from an initial $750 million.
The company will use the proceeds to fund equally sized tender offers for its 5 5/8% senior notes due 2022, its 5 5/8% senior notes due 2023, its 7.6% senior notes due 2037 and its 6.95% exchange debentures due 2033.
Meanwhile, in the telecom space, GTT Communications, Inc.’s paper shifted lower after receiving a ratings downgrade.
The 7 7/8% senior paper due declined by 1½ points to close at 52½ bid.
After the close on Wednesday, the McLean, Va.-based cloud networking services name received a ratings downgrade from Moody’s Investors Service.
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