Community Health mixed again; Frontier Communications mixed on CFO departure

By James McCandless

San Antonio, June 21 – Traders reported another steady day of activity in the distressed debt market on Thursday as volume favorites continued to move.

Community Health Systems, Inc. notes were mixed again after receiving a ratings downgrade. On Wednesday, the company announced the results of three exchange offers.

Frontier Communications Corp. issues were mixed as the company announced the resignation of its chief financial officer.

Windstream Holdings, Inc. paper was mixed for a fourth day. On Monday, the company commenced an exchange offer.

Intelsat SA notes were mixed. Last week, the company announced a buyback program for its 7¾% notes due 2021. PHI, Inc. issues declined. The company recently announced a cash tender offer for its outstanding 5¼% senior notes due 2019. Mallinckrodt plc paper fell.

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