Quicksilver Resources under pressure as coupon looms; coal retreats again; NII ends mixed

By Stephanie N. Rotondo

Phoenix, Sept. 22 – A distressed debt trader said there was “a heavy tone to the market with equities being down.”

The equity market took a downward turn as housing sales slumped and small-cap companies were under pressure.

In distressed bonds, Quicksilver Resources Inc. debt was on the decline, like the rest of the market. But though the market was weaker, Quicksilver took a bigger hit than most other names.

In a related space, the coal sector continued to be under pressure amid concerns of oversupply and dwindling prices.

Walter Energy Inc.’s 9½% notes due 2019 fell over half a point to 91½, according to a trader.

The trader also saw Arch Coal Inc.’s 7¼% notes due 2021 hitting “new lows,” slipping to around 57 offered.

In Alpha Natural Resources Inc., the 6¼% notes due 2021 closed off half a point to 64, a trader said. The 6% notes due 2019, however, increased slightly to 67.

A trader said NII Holdings Inc. was “a mixed bag” during Monday’s session.

He saw the 7 5/8% notes due 2021 rising half a point to 17 3/8 and the 8 7/8% notes due 2019 “up smartly,” gaining almost a deuce to close around 26.

But the 10% notes due 2016 were deemed down half a point at 26.

At another shop, however, a trader said the name was stronger on the day.

Sears Holdings Corp.’s 6 5/8% notes due 2018 were little changed as the company’s auction for its majority stake in Sears Canada failed to provide an adequate bidder.

© 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.