California Resources better on exchange offer; Intelsat falls as more revenue sought

By James McCandless

San Antonio, Feb. 21 – As the week came to a close, energy and telecom names saw the bulk of the distressed space’s attention.

California Resources Corp.’s notes performed better after the company announced an exchange offer for three series of notes.

The 6% senior notes due 2024 picked up 3 points to close at 26 bid. The 8% senior secured notes due 2022 gained ¾ point to close at 28¾ bid.

Late Thursday, the Los Angeles-based independent oil and gas producer announced an offer to exchange three series of notes, Prospect News reported.

The offer includes the $1,808,327,000 outstanding 8% senior secured second-lien notes due 2022, the $99,996,300 outstanding 5½% senior notes due 2021 and the $144,279,000 outstanding 6% senior notes due 2024.

Meanwhile, in telecom, Intelsat SA’s notes fell as the company seeks more revenue from a coming C-band spectrum auction.

Intelsat Luxembourg SA’s 8 1/8% senior notes due 2023 shaved off ½ point to close at 45½ bid. The 9½% senior notes due 2023 drifted ¼ point to close at 67 bid.

This week, the Luxembourg-based satellite operator has seen heightened activity as it angles for more revenue from a C-band spectrum auction.

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