Northern Oil improves as notes exchanged for stock; Community Choice issues rise

By James McCandless

San Antonio, June 12 – The distressed debt market experienced another slow day on Tuesday, as names with news behind them drove trading.

Northern Oil and Gas, Inc. notes gained after the company announced the exchange of $20.95 million of its 8% senior notes due 2020 for stock in a debt reduction move.

Community Choice Financial Inc. issues rose after the company reached a debt restricting agreement with its largest noteholder.

Intelsat SA paper declined. On Monday, the company announced that it would buy back its 7¾% notes due 2021 using proceeds from common stock and convertible offerings.

Frontier Communications Corp. notes were mixed. The company recently failed to garner a satisfactory bid for its Florida assets. PetSmart, Inc. issues were up. Last week, the company hired debt advisers to help reduce its $8 billion debt. Mallinckrodt plc paper improved.

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