Intelsat notes rise on unit’s role in government project; Mallinckrodt to repay debt

By James McCandless

San Antonio, April 16 – Traders reported a slow start to the week in the distressed debt market, with very few names making waves.

Intelsat SA’s notes traded higher as subsidiary Intelsat General was put on a team of companies to develop a satellite payload to aid in aircraft navigation for the Federal Aviation Administration.

“The bonds may not be climbing at the same rate as the stock, but they’ve been popular,” a trader said.

The Intelsat Jackson SA 5½% notes due 2023 rose 1¼ points to close at 84½ bid. The 7¼% notes due 2020 jumped up about 2¼ points to close around 98 bid.

Mallinckrodt plc’s bond issues fell as the company announced the $300 million repayment of unsecured, fixed-rate notes as part of a 2013 subsidiary spinoff.

Community Health Systems, Inc.’s paper was mixed. Last week, the company announced a round of layoffs as part of its efforts to rein in its debt.

Frontier Communications Corp.’s notes were mixed as the company continues to seek a buyer for certain assets. FirstEnergy Solutions Corp.’s issues were actively traded but ended level as aid for its at-risk plants remains in doubt. Nine West Holdings, Inc.’s paper traded up a week after its bankruptcy filing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.