Intelsat lower on C-band group fracture; Navios Maritime notes drop after division sale

By James McCandless

San Antonio, Sept. 3 – The distressed debt market was in line with other markets, spending the day on a negative trend to open a short week.

Intelsat SA’s notes moved lower after a member of a consortium negotiating with the U.S. government over the use of C-band airwaves left the group.

Intelsat Jackson Holdings SA’s 5½% senior notes due 2023 dropped 1 point to close at 90½ bid. Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 lost 1¼ points to close at 77 bid.

On Tuesday, news broke that a peer of the Luxembourg-based satellite operator has left a C-Band Alliance, a consortium of satellite operators pushing for favorable terms on C-band usage in the United States.

Paris-based Eutelsat departed the group, though vowed to remain active in discussions around C-band.

Sector peer Frontier Communications Corp.’s issues saw varying movements.

In shipping, Navios Maritime Holdings Inc.’s paper declined after the company announced the sale of its ship management division.

The 11¼% senior secured paper due 2022 shaved off ½ point to close at 74 bid. The 7 3/8% paper due 2022 moved down ½ point to close at 66 bid.

As oil futures buckle under global trade pressure, Whiting Petroleum Corp.’s, California Resources Corp.’s and Superior Energy Services, Inc.’s notes also declined.

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