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Midstates weakens as company discloses asset sale; weak oil prices pressure energy names
By Stephanie N. Rotondo
Phoenix, March 10 – It was a mixed day in the distressed debt market on Tuesday, according to traders.
Midstates Petroleum Co. Inc.’s debt remained under pressure, despite the company announcing an asset sale. The bonds declined Monday after the company unveiled a succession plan for its chief executive officer and certain board members.
Elsewhere in the energy space, a trader said some of Quicksilver Resources Inc.’s issues were “practically worthless.”
He saw the 7 1/8% notes due 2016 at 1½, unchanged on the day. However, the 9 1/8% notes due 2019 rebounded by 2½ points to 16, he said.
The 11% notes due 2021 also ended higher, rising a deuce to 16½.
In Peabody Energy Corp. bonds, the 6¼% notes due 2021 were deemed 2 points lower at 72¼, according to a trader. The 6% notes due 2018 finished off 1¾ points at 87¼, while the 6½% notes due 2020 lost over 1½ points to close at 77 1/8.
For its part, oil prices were seen weakening in Tuesday trading. The decline was attributed to a stronger dollar.
West Texas Intermediate crude dropped $1.36, or 2.72%, to $48.64 a barrel. Brent crude weakened $1.96, or 3.35%, to $56.57.
Meanwhile, Hexion Inc. paper jumped after the company released its fourth-quarter and year-end results. The specialty polymer manufacturer reported that its EBITDA had improved, both in the quarter and in the year.
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