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Moss Creek Resources, Transocean up; Washington Prime notes stable; Intelsat steady
By Cristal Cody
Tupelo, Miss., April 1 – Distressed energy bonds traded mostly higher on Thursday as secondary activity thinned ahead of the early market close on Friday.
Oil and gas exploration company Moss Creek Resources Holdings Inc.’s 7½% senior notes due 2026 (Caa2/B-) improved about ¼ point to 81 bid during the session, a source said.
The notes are trading slightly softer than the 83½ bid area seen a month ago but stronger than where the issue traded in the 79 bid area at the start of 2021.
Offshore driller Transocean Inc.’s 7½% notes due 2031 (C/CCC-/) headed out more than 1½ points better on Thursday to the 49½ bid area, a source said.
Washington Prime Group, LP’s 6.45% notes due 2024 (C/D/C) traded mostly unchanged in the 61 bid range on Thursday, a market source said.
Intelsat Jackson Holdings SA’s bonds were mostly unchanged on Thursday, a market source said.
Intelsat Jackson’s 5½% senior notes due 2023 were flat at 61½ bid. The notes have softened from 64 bid in the same session a month ago.
Intelsat Jackson’s 8½% senior notes due 2024 were not active and were last seen trading Tuesday at 63 bid.
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