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PG&E lower as company enters debt commitments; Whiting down after acquisition news
By James McCandless
San Antonio, Oct. 15 – The distressed debt space saw newsmakers under pressure at the beginning of a short week in bond trading.
PG&E Corp.’s notes moved lower after the company announced that it had entered into $34.46 billion in debt commitments.
The 6.05% notes due 2034 lost 1¼ points to close at 112¾ bid.
On Tuesday, the San Francisco-based bankrupt electric utility announced that it has entered into debt commitment letters under which the commitment parties agreed to provide $34.46 billion in bridge financing, Prospect News reported.
Not planning on entering the facilities, the company said it intends to obtain permanent financing on or before emerging from bankruptcy in the form of bank facilities, debt securities or a combination of those.
In oil and gas, Whiting Petroleum Corp.’s issues declined after news broke that the company is in talks to acquire another producer.
The 6¼% senior notes due 2023 fell 1 point to close at 77 bid. The 6 5/8% senior notes due 2026 shaved off ½ point to close at 66¾ bid.
News broke on Tuesday morning that the Denver-based independent oil and gas producer is in talks to buy San Antonio-based sector peer Abraxis Petroleum.
Terms of the deal have not been disclosed.
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