Logan’s Roadhouse loss widens, bonds dip; coal names trade all over the map; Caesars mixed

By Stephanie N. Rotondo

Phoenix, June 11 – The distressed debt market “was down a touch,” a trader said Wednesday.

However, he noted that there “weren’t any huge losers.”

The trader also said that new high-yield issues were taking precedence over distressed credits, as “hundreds of millions” of new deals priced Wednesday traded.

“New issues: It’s the only way to make money,” he said.

Of the day’s distressed dealings, Logan’s Roadhouse Inc. paper was slightly softer after the parent company, LRI Holdings Inc., released quarterly results.

“There was not a lot of price volatility relative to last quarter,” a trader remarked.

Meanwhile, Gymboree Corp.’s 9 1/8% notes due 2018 were “straddling” 67, according to a trader.

“That’s where they have been,” he said.

Elsewhere, coal names remained active, as did Caesars Entertainment Corp.

The coal space finished the midweek session mixed.

One trader saw Arch Coal Inc.’s 9 7/8% notes due 2019 rising nearly a point to 86, on about $15 million bonds trading.

Walter Energy Inc.’s 9 7/8% notes due 2020 meantime gained a point, closing around 60½.

In Alpha Natural Resources Inc.’s debt, a trader saw both the 6% notes due 2019 and the 6¼%

Caesars’ bonds were also mixed in Wednesday trading.

© 2015 Prospect News.
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