Intelsat paper declines as 5G concerns persist; WeWork notes weaken on quarterly loss

By James McCandless

San Antonio, Nov. 14 – The Thursday distressed debt session saw a continued focus on the telecom and retail sectors.

Intelsat SA’s notes saw another decline as arguments over the handling of the sale of 5G usage persist.

Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 dropped 5½ points to close at 64¼ bid. The 9½% senior notes due 2023 lost 1¼ points to close at 75¾ bid.

The two notes saw about $227 million total trading.

On Wednesday, the 8 1/8% notes lost 6¾ points.

The Luxembourg-based satellite operator has faced heightened scrutiny this week as the company and the U.S. government spar over how C-band spectrum, otherwise known as 5G, should be sold.

Coworking name WeWork Cos. Inc.’s paper moved negatively after reporting a $1.25 billion loss for the third quarter.

The 7 7/8% senior notes due 2025 shed 2 points to close at 74½ bid.

After the close on Wednesday, news broke that the New York-based coworking startup told investors that it lost $1.25 billion in the third quarter. It also reported that its occupancy rate on its properties fell to 79%, its lowest in two years.

The company’s paper entered distressed territory in recent weeks after a shelved IPO.

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