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Distressed bonds mixed; Stone Energy debt rises; Bon-Ton weaker as sale, leaseback nixed
By Stephanie N. Rotondo
Seattle, June 21 While the broader markets were mostly firm on Tuesday helped by easing fears of a Brexit the distressed debt market finished a bit more mixed on the day.
On the upside, a trader said Stone Energy Corp.s bonds have been bouncing back. The bounce continued into Tuesday trading, as the debt improved by at least 2 points.
But on the downside, Bon-Ton Stores Inc. paper was coming in after the company said late Monday that a planned sale and leaseback of three properties had been nixed. The deal would have also allowed the company to lease back the properties for 20 years at $3.9 million per year.
The York, Pa.-based retailer did not give a reason for the cancellation, but did say that it came prior to due diligence.
Among distressed preferreds, Rex Energy Corp. said it was exchanging some of its 6% series A convertible preferred stock into equity.
The preferreds, which trade over the counter, were deemed steady day over day at $6.50. However, that was down from $6.98 at the open.
The stock (Nasdaq: REXX) was meantime off 4 cents at 76 cents.
Under the terms of the privately negotiated exchange, the company will issue 730,000 shares of common stock for 102,450 depositary shares representing a 1/100th interest in each preferred share, according to a regulatory filing.
Rex Energy is a State College, Pa.-based oil and gas exploration and production company.
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