Winter storm clips energy issuers; Shelf Drilling, Washington Prime, HighPoint up

By Cristal Cody

Tupelo, Miss., March 17 – Energy providers continue to face fallout over exorbitant energy costs and damage from the February winter storm that hit Texas and the central United States in February.

NRG Energy Inc. reported Wednesday that it expects an estimated $750 million loss due to the Texas winter storm and withdrew its 2021 guidance provided March 1 due to new resettlement data from the Electric Reliability Council of Texas.

NRG’s bonds remained strong on Wednesday, trading in the high 90s to above par and yielding less than 7%, a market source said.

Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) fell to 82½ bid, down from 83 bid on Tuesday and 83½ bid on Monday, a source said.

Shelf Drilling Holdings Ltd.’s existing 8¼% senior notes due 2025 (Caa3/CCC+) improved on Wednesday, trading up 1¼ points to 76¾ bid, a market source said.

Separately, Washington Prime Group, LP’s 6.45% notes due 2024 (C/D/C) were seen trading in the afternoon at 57 bid in heavy secondary supply, up from 56½ bid on Tuesday, a source said.

In other trading, HighPoint Resources Corp.’s 7% senior notes due 2022 (C/D/) rose 2 points to 56 bid after heading out flat on Tuesday, a market source said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.