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Intelsat notes active but level after tender offer ends; Neiman Marcus issues improve
By James McCandless
San Antonio, Sept. 20 – The distressed debt market continued to focus on telecom and retail names on Thursday.
Intelsat SA’s notes were active but ended level a day after a subsidiary announced the results of a cash tender offer.
Intelsat Jackson SA, the subsidiary, announced that $1,723,269,000 of the aggregate principal amount of its 7¼% senior notes due 2020 was validly tendered by the time the offer expired on Sept. 14.
The offering was funded from a portion of the net proceeds of its 8.5% senior notes due 2024, which closed on Wednesday.
Intelsat Jackson's 5½% notes due 2023 were level at around 91½ bid. The Intelsat (Luxembourg) SA 8 1/8% notes due 2023 were flat at 86 bid.
On Wednesday, the 5½% notes rose about ½ point and the 8 1/8% notes lost ¼ point.
In retail, Neiman Marcus Group, Inc.’s notes bounced back from a tumble earlier in the week after Monday's release of a mixed earnings report.
The 8% notes due 2021 added 3¼ points to close at 69 bid. The 7 1/8% notes due 2028 gained 2½ points to close at 84¼ bid.
On Wednesday, the 8% notes rose ¼ point and the 7 1/8% notes lost 4½ points.
Separately, Sears Holdings Corp.’s 6 5/8% paper due 2018 picked up 3¼ points to close at 93¾ bid. The 8% paper due 2019 lost about 1¼ points to close at around 35¼ bid.
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