Frontier firms again on loan changes, other telecoms active, energy credits easier

By Paul Deckelman

New York, Jan. 19 – Communications names remained a major focus among investors in distressed debt and the bonds and notes of otherwise underperforming companies and sectors on Friday.

On the upside, Frontier Communications Corp. paper remained on a roll during Friday’s session, its fourth straight better performance. The surge follows the wireline telecommunications company’s launch of amendments to its credit agreements that will loosen up the terms of some of its covenants, potentially allowing it to issue new debt in order to address upcoming senior note maturities.

Among Frontier’s peers in the wireline space, CenturyLink, Inc.’s notes were mixed while Windstream Services was seen on the downside.

Wireless provider Sprint Corp.’s bonds were busy but little changed.

However, communications satellite operator Intelsat SA’s various issues were mostly lower, some by multiple points.

Energy names such as California Resources Corp., EP Energy Corp. and driller Ensco plc lost ground, as world crude oil prices’ losses increased after Thursday’s smallish downturn.

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