Murray Energy bonds remain firm, active; Windstream debt improves more; iHeart edges up

By Stephanie N. Rotondo

Seattle, Oct. 2 – Murray Energy Corp. continued to be the dominant name in the distressed debt market on Monday.

The bonds had firmed by over 3 points on Friday after the Department of Energy released a proposal aimed at preventing additional premature closures of certain power generating facilities.

“Basically it’s a proposal that would be good for coal generating plants,” a trader said on the news.

Come Monday trading, those gains continued.

Meanwhile, Windstream Holdings Inc.’s debt was “stronger,” another “continuation from Friday,” a trader said.

“I guess people think the company has a better case” than the bondholder who is alleging that the Uniti Group Inc. spin-off caused a default.

Also stronger were iHeartCommunications Inc.’s 9% notes due 2019 and the 9% notes due 2021.

However, a trader said he had heard of “no reason” for the bonds to rise.

The trader placed the 2019 bonds “around 77,” up “about a point.”

Another trader saw the 2021 paper at 72½, up nearly a point.

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