Uniti notes gain after settlement takes effect; Antero paper eyed in energy space

By James McCandless

San Antonio, Sept. 23 – At the week’s midpoint, newsmakers in the communications and energy sectors took up much of the attention in the distressed market.

Uniti Group Inc.’s notes gained ground after large customer Windstream Holdings Inc. exited bankruptcy and the settlement between the two parties took effect.

Uniti’s 8¼% senior secured notes due 2023 improved by ½ point to close at 99 bid. The 7 7/8% senior secured notes due 2025 garnered ¼ point to close at 105½ bid.

Late Monday, news broke that Windstream, a large customer of the Little Rock, Ark.-based communications-focused real estate investment trust, had exited bankruptcy.

As part of the exit, the settlement between the two parties that was reached earlier in the year officially took effect.

Meanwhile, in oil and gas, Antero Resources Corp.’s paper diverged after receiving a ratings upgrade.

The 5 1/8% senior notes due 2022 gained ¾ point to close at 83¼ bid. The 5 5/8% senior paper due 2023 closed level at 74½ bid.

Nearing the close on Tuesday, the Denver-based independent oil and gas producer received a ratings upgrade from S&P Global Ratings.

The agency raised the company’s corporate family rating, probability of default rating, speculative grade liquidity rating and issue-level ratings.

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