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PHI notes tank after company cancels tender offer; energy mixed on rebound; Sears sinks
By James McCandless
San Antonio, Oct. 12 – At the end of a short week in the distressed debt space, trading skewed negative despite a rebound in the equity markets.
After a seventh extension, PHI, Inc.’s notes tanked after the company announced that it would be terminating its cash tender offer for 5¼% notes due 2019.
The 5¼% notes due 2019 lost 8½ points to close at 83½ bid.
Elsewhere in the energy space, FerrellGas Partners, LP’s issues ended mixed a day after the company announced the completion of two acquisitions.
The 6½% notes due 2021 added ¾ point to close at 89½ bid. The 6¾% notes due 2022 shaved off ¼ point.
A rebound in oil futures ended with mixed results for Sanchez Energy Corp., Denbury Resources Inc. and California Resources Corp. tranches
In retail, Sears Holdings Corp.’s notes ended the week falling again as the company tries to extend its operations through the holidays. Competitor J.C. Penney Co., Inc.’s paper also declined.
Sears’ 7% bonds due 2032 lost about 3 points to close at 42 bid. The 6½% notes due 2028 dropped ½ point to close at 42½ bid.
On Thursday, the 7% bonds lost 3 points and the 6½% notes shed 5 points.
After a ratings affirmation, telecom name Wind Tre SpA’s notes gained.
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