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PHI notes decline; Diebold gets interim CFO, notes gain; oil sector broadly higher
By James McCandless
San Antonio, Oct. 1 – The new week in distressed trading saw focus shift to energy names as oil futures rose to their highest levels in four years.
There was activity across the offshore oil services spectrum, namely in Bristow Group Inc., Ensco plc and Weatherford International plc.
The rise in oil futures led to a similar improvement in Sanchez Energy Corp.’s bellwether tranche.
Meanwhile, the talk of the market was PHI, Inc., which saw its notes decline as the company continues to extend a tender offer for its $500 million of 5¼% notes due 2019.
The 5¼% notes due 2019 lost 2¾ points to close at 92¾.
Elsewhere, Diebold Nixdorf, Inc.’s issues rose after the company announced the appointment of an interim chief financial officer. The company is working to regain its financial footing after a recent dismal earnings report.
The 8½% notes due 2024 picked up 1 point to close at 73 bid.
Meanwhile, in the medical sector, Community Health Systems, Inc.’s paper was mixed. After the close, the company announced the completion of another hospital sale.
The retail space saw modest gains for J.C. Penney Co., Inc. and PetSmart Inc.
FirstEnergy Solutions Corp.’s 6.05% notes continued to rise on the back of the company’s bankruptcy plan being approved in court last week.
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