Hertz, Shelf Drilling, Diamond Sports, Peabody decline; Intelsat better; NGL, Nabors up

By Cristal Cody

Tupelo, Miss., March 2 – Hertz Corp.’s distressed paper softened on Tuesday after the company reported a buyout offer and filed a joint Chapter 11 bankruptcy plan of reorganization.

The company’s 5½% notes due 2024 traded heavily with the notes last seen softer at 78½ bid, a market source said.

Separately, Intelsat Jackson Holdings SA’s bonds are improving after trading lower in mid-February following the parent company’s Chapter 11 reorganization announcement, a source said Tuesday.

Intelsat Jackson’s 8½% senior notes due 2024 were quoted at 65¾ bid in heavy secondary volume.

Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) headed out more than 2½ points weaker at 64 bid, according to a market source.

NGL Energy Partners LP’s 6 1/8% senior notes due 2025 (Caa1/CCC+) edged up ½ point to 85 bid over the session, a source reported.

Also, Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) rose ¼ point to hit 80¾ bid.

Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/CCC-) fell about ¾ point to 49 bid on Tuesday, a market source said.

Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (Ba3/CCC+) declined 1 5/8 points to 69 1/8 bid, a market source said.

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