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PHI notes partially recoup losses; Sears notes down on bankruptcy; energy names weaken
By James McCandless
San Antonio, Oct. 15 – The distressed space started a new week with trading continuing a negative trend set on Friday.
After PHI, Inc. cancelled a cash tender offer for its 5¼% notes due 2019 on Friday, the company’s notes recovered somewhat from Friday’s losses.
The 5¼% notes due 2019 rose 4¾ points to close at 87½ bid.
On Friday, the 5¼% notes dropped 8½ points after the Lafayette, La.-based offshore air services company announced that it had terminated a cash tender offer for the $500 million outstanding of the notes.
In retail, Sears Holdings Corp.’s notes fell again as the company filed for bankruptcy early Monday with plans to continue operations through the holidays.
The 8% notes due 2019 lost about 4¼ points to close at around 8 bid. The 6½% notes due 2028 fell about 7 points to close at around 35½ bid.
Sector peer PetSmart, Inc.’s paper saw mixed results while Rite Aid Corp. held steady despite a ratings downgrade.
In the oil and gas sector, Sanchez Energy Corp. and California Resources Corp.’s notes declined despite an uptick in oil futures. Hornbeck Offshore Services, Inc. rose.
Elsewhere in the energy space, Westmoreland Coal Co.’s notes jumped after hitting a low as the company filed for bankruptcy last week.
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