iHeart steals action with ruling, moving notes both ways; Peabody down; Valeant mixed

By Colin Hanner

Chicago, Dec. 21 – Though trading remains relatively muted on the week, Wednesday brought several cases of company-specific news to the forefront in the distressed arena, swaying movement in both directions.

iHeartCommunications, Inc. caught both sides of that after a decision from the International Swaps & Derivatives Association ruled that a recently skipped repayment was a failure to pay credit event.

The New York City-based media company also announced the private offering of priority guaranteed notes for outstanding notes, which were down after the news.

“I guess it was all iHeart today,” a trader said.

Movement was on the whole for the company on Wednesday.

The same could not be said for Peabody Energy Corp., which was down after it was announced late Tuesday that the St. Louis-based coal company posted an operating loss for November.

It was down several points.

Valeant Pharmaceuticals International Inc. continued building on the momentum of the week and trading continued to be mixed.

There appears to be no significant drivers, but chatter surrounding the company persists.

A trader said the 5½% notes due 2023 were down 3/8 point to 74 1/8.

There was upward movement in the 5 3/8% notes due 2020, which were up ½ point to 84 on “a dozen trades,” a market source said.

Several idiosyncratic names filled the gaps on a pre-holiday week that is experiencing a lull in activity and volume, including Stone Energy Corp. and Teck Resources Ltd.

© 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.