Washington Prime better; CBL softens; Moss Creek, Nabors higher; Peabody extends gains

By Cristal Cody

Tupelo, Miss., June 9 – Distressed real estate investment trust Washington Prime Group, LP’s bonds remained higher on Wednesday following another extension on a missed payment on the issue.

The 6.45% notes due 2024 (C/D/C) traded about 2 points better at 65 bid, a source said.

Bankrupt real estate investment trust CBL & Associates LP’s bonds softened about ¼ point to 2¼ points on Wednesday, a source said.

CBL’s 5¼% notes due 2023 fell about 1 point to the 56½ bid area.

In the oil and gas space, Moss Creek Resources Holdings Inc.’s paper saw a bump in secondary prices on Moody’s Investors Service’s upgrade, a source said Wednesday.

The company’s 7½% senior notes due 2026 (Caa1/B) traded up 1½ points to 93¼ bid in strong activity.

Moss Creek’s 10½% notes due 2027 edged up 3/8 point to 97½ bid in heavy secondary supply over the day.

Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) rose about ¼ point to 90¾ bid.

Meanwhile, Peabody Energy Corp.’s 6 3/8% notes due 2025 (Caa1/CCC) headed out 3 points higher on the day at 71½ bid in heavy supply following an upgrade by S&P Global Ratings, a source said.

The bonds are trading 10½ points better week to date and 13¾ points stronger since the end of May.

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