Windstream mixed again on rating change; PHI down on new rating, negative outlook

By James McCandless

San Antonio, June 19 – The distressed debt market doubled down Tuesday on the same names that drove trading on Monday.

Windstream Holdings, Inc. notes were mixed again after a ratings downgrade. On Monday, the company announced exchange offers for multiple series of notes.

PHI, Inc. issues declined as Standard & Poor’s assigned a rating for its new privately placed $500 million senior secured note offering.

PetSmart, Inc. paper was mixed as the company and its creditors dispute a recent equity transfer in which the company moved 36.5% of its stake in a profitable e-commerce arm out of creditor’s reach.

Intelsat SA notes were mixed. Last week, the company announced a buyback for its 7¾% notes due 2021. Frontier Communications Corp. issues were mixed after a recent auction failed to produce a satisfactory bid for its Florida assets. Talen Energy Supply, LLC paper fell.

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