JCPenney bonds improve; Avon takeover offer deemed false; SandRidge up on debt exchange

By Stephanie N. Rotondo

Phoenix, May 14 – Earnings news was once again helping to push around some distressed credits on Thursday.

J.C. Penney Co. Inc. – whose numbers were released after Wednesday’s close – saw its bonds ending “a little bit better,” according to a trader.

But Getty Images Inc. was lower after its numbers, the trader said.

The results are private and were therefore not released publicly.

The trader said the 7% notes due 2020 were “active” but down a couple points around “54-ish.”

Another trader, however, saw the issue inching up almost half a point to 56½ on “pretty good volume for them.”

Away from earnings, Avon Products Inc.’s debt was little changed after it was reported that PTG Capital Partners had made a takeover bid for the struggling entity. While trading in the stock was volatile –trading was halted three times – it then turned out that the company making the alleged offer was nonexistent.

In the oil and gas space, SandRidge Energy Inc. saw “pretty heavy volume,” a trader said. The company’s bonds ended the session firm as the company announced a private debt-for-equity exchange.

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