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Oil, gas bonds active; Centennial Resource, NGL, Weatherford, Transocean notes gain
By Cristal Cody
Tupelo, Miss., Jan. 13 – Distressed oil and gas bonds remained active in the secondary market on Wednesday with bonds mostly better despite softer oil prices.
Centennial Resource Production, LLC’s 5 3/8% senior notes due 2026 (Caa2/CCC+) added 2¼ points to 85½ bid over the day, a source said.
NGL Energy Partners LP’s 7½% senior notes due 2023 (B3/CCC+) rose more than 2 points to 79 bid during the session.
Callon Petroleum Co.’s 6 1/8% notes due 2024 (Caa2/D) were quoted up nearly 2 points at 69 bid on Wednesday.
The company was downgraded on Dec. 2 to SD from CC by S&P Global Ratings after a distressed exchange of $217 million of new 9% second-lien notes due 2025 for $389 million of existing notes at levels below par, making the transaction a selective default, S&P said.
In other energy gains, oilfield servicer Weatherford International LLC’s 11% notes due 2024 (CCC) added ¼ point to 84¼ bid during the session after going out on Tuesday 1½ points better, a market source said.
Offshore driller Transocean Ltd.’s 7½% senior notes due 2026 (C/CCC-) traded 3 points better at 51 bid after dropping 1¼ points to 48 bid on Tuesday.
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