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Intelsat improves as spectrum payout delayed; Superior Energy jumps on transaction news
By James McCandless
San Antonio, Dec. 18 – Developments in the utilities and energy sectors took up much of the focus in the day’s distressed market.
Intelsat SA’s notes improved as news broke that the Federal Communications Commission is tasked with deciding on the terms of its spectrum compensation.
Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 added 4¼ points to close at 55¼ bid. The 9½% senior notes due 2023 jumped up 5½ points to close at 68 bid.
On Wednesday, news broke that legislation meant to benefit the Luxembourg-based satellite operator and others in an auction of C-band spectrum has lost support in Congress.
The bill would have split the expected $40 billion in proceeds from a potential auction between satellite names and the Treasury.
Elsewhere, in oil and gas, Superior Energy Services, Inc.’s paper jumped up after announcing a divestiture as part of a strategic transaction.
The 7 1/8% senior notes due 2021 hopped up 6¼ points to close at 86½ bid. The 7¾% senior notes due 2024 improved by 5½ points to close at 66¾ bid.
The Houston-based oilfield services provider announced its plan to divest its U.S. operations, combining them with peer Forbes Energy Services to create a new public entity.
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