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Occidental notes weaken as tender offer ends; J.C. Penney trades up in retail space
By James McCandless
San Antonio, Sept. 11 – Closing out the week, the distressed debt market remained focused on energy and retail names.
Occidental Petroleum Corp.’s notes were seen declining after the company reported final results of a tender offer for eight series of notes.
The 2.9% senior notes due 2024 gave up 1¾ points to close at 87½ bid. The 2.7% senior notes due 2022 lost 2¼ points to close at 94¾ bid.
After the close on Friday, the Houston-based independent oil and gas producer gave the final results for its tender offer for eight series of notes, Prospect News reported.
The company said holders tendered an additional $95,000 principal amount of its 4.1% notes due 2021 after the early deadline and before the final deadline.
About $2.1 billion were accepted through the offer.
In the retail space, J.C. Penney Co., Inc.’s issues improved in the wake of news that it has agreed to be sold to two mall operators.
The 5 7/8% senior notes due 2023 picked up ½ point to close at 32 bid.
This week, the Plano, Tex.-based department store chain announced that it had struck a sale agreement in principle with mall operators Brookfield Property Group and Simon Property Group.
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