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Coal names continue to soften; Walter to pay interest in-kind; Caesars ends mostly weaker
By Stephanie N. Rotondo
Phoenix, Sept. 23 – Distressed bonds were again weak on Tuesday, following a trend set by the equity market as the United States and its allies began bombing ISIS targets in Syria.
“A lot of stuff was down 1½ points today,” one trader said.
In particular, “the coal guys can’t get out of their own way,” the trader remarked, seeing the sector suffering for yet another session.
On Monday, Walter Energy Inc. said that it planned to pay interest in-kind for the period beginning Oct. 1 on its 11%/12% senior secured second-lien pay-in-kind toggle notes due 2020.
The Birmingham, Ala.-based metallurgical coal producer will pay 50% interest in kind and 50% interest in cash on April 1.
Arch Coal Inc.’s 7¼% notes due 2021 were seen declining over 3½ points to 53 7/8, while the 7% notes due 2019 fell 2½ points to 60.
Alpha Natural Resources Inc.’s 6¼% notes due 2021 were meantime a point weaker at 61½, as the 7½% notes due 2020 dipped nearly a point to 91 1/8.
Another market source placed Alpha’s 6¼% notes at 61¾ bid, down 2¼ points.
Coal wasn’t the only space under pressure. The mining arena was also softer.
Away from coal and mining, Caesars Entertainment Corp. was also mostly weaker on the day.
There was no fresh news out on the Las Vegas-based casino and hotel operator.
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