Teva better after analyst upgrade; Navios mixed on debt offering

By James McCandless

San Antonio, June 3 – A new week in distressed trading saw renewed focus on pharmaceutical and shipping names.

Teva Pharmaceutical Industries Ltd.’s notes ended better after an analyst issued an upgrade following a string of negative headlines.

Sector peer Endo International plc’s issues were also improving.

In shipping, Navios Maritime Holdings Inc.’s paper ended mixed as a subsidiary began a private placement of senior secured notes.

Meanwhile, in oil and gas, Denbury Resources Inc.’s notes moved up after the company announced exchange offers for three series of notes.

Oil futures declined as Weatherford International plc, Ensco Rowan plc and California Resources Corp.’s issues finished mixed.

Elsewhere, in telecom, Frontier Communications Corp.’s paper trended negative as Intelsat SA’s notes finished mixed.

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