Intelsat rises as new issue prices; Mallinckrodt slumps in settlement reaction

By James McCandless

San Antonio, June 6 – As the week headed towards its end, the distressed market was focused on telecom and pharmaceutical names.

Intelsat SA’s notes were rising on Thursday as a subsidiary prepared an offering of six-year senior notes.

Sector peer Frontier Communications Corp.’s issues also improved.

Elsewhere, in the pharma space, Mallinckrodt plc’s paper declined as the market reacts to news of a settlement between it and the U.S. Department of Justice.

Teva Pharmaceutical Industries Ltd., another drugmaker, saw its notes climb.

Auto name Tenneco Inc.’s issues gained despite a Wednesday ratings downgrade.

In energy, California Resources Corp.’s and Chesapeake Energy Corp.’s paper rose with oil futures as Weatherford International plc’s notes moved down.

Meanwhile, in retail, L Brands, Inc.’s issues slid lower a day after starting a tender offer and pricing new notes.

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