Occidental notes in focus after Q3 loss; Revlon notes strengthen in retail space

By James McCandless

San Antonio, Nov. 10 – Tuesday in the distressed debt market saw a focus on energy and retail names.

Occidental Petroleum Corp.’s notes varied in direction after the company reported a loss for the third quarter.

The 2.9% senior notes due 2024 sank 1 point to close at 91¾ bid. The 2.7% senior notes due 2022 held level to close at 97 bid.

After the close on Monday, the Houston-based independent oil and gas producer reported its results for the third quarter.

The company showed a loss of 84 cents per share, wider than the 70 cents per share loss that analysts were expecting.

Revenues were weaker than expected at $3.28 billion.

Meanwhile, in retail, Revlon, Inc.’s notes were boosted on reports that the company is considering an extension for a tender deadline.

The 5¾% senior notes due 2021 leaped up 19½ points to close at 55½ bid. The 6¼% senior notes due 2024 grabbed 3¼ points to close at 18½ bid.

During the Tuesday session, reports indicated that the New York-based cosmetics producer is considering extending the early tender deadline for its 5¾% notes.

Headlines also indicated that if not enough bondholders agree to the exchange, the company would file for Chapter 11 bankruptcy.

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