NGL, Shelf Drilling, Peabody Energy, HighPoint notes active; Frontier, AMC bonds better

By Cristal Cody

Tupelo, Miss., March 15 – Energy bonds in the distressed secondary market headed out Monday mostly softer as oil futures declined.

NGL Energy Partners LP’s 7½% senior notes due 2026 (Caa1/CCC+) fell more than 1 point to trade just over 85 bid on Monday, a source said.

Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) also softened ¾ point over the day to 77 bid, according to a market source.

Coal producer Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/CCC-) fell to 44¾ bid on Monday after trading in the 46 bid range in the prior week, a market source said.

And HighPoint Resources Corp.’s notes were mixed in distressed secondary trading on Monday, a day after the company announced it had filed for Chapter 11 bankruptcy.

HighPoint’s 7% senior notes due 2022 (C/C/) saw heavy trading over the session, from 60 bid early in the day to 54 bid by late afternoon, a source said.

In other trading on Monday, Frontier Communications Corp.’s 7 5/8% notes due 2024 were up 2¼ points at 65¼ bid, a source said.

AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) also were higher on Monday and headed out up more than 2 points at 86¼ bid, according to a market source.

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