Intelsat notes improve after filing auction plan; J.C. Penney higher on mixed earnings

By James McCandless

San Antonio, Nov. 15 – The distressed debt space finished the week with more attention paid to newsmakers in the telecom and retail sectors.

Intelsat SA’s notes gained after the company filed a plan to contribute a portion of proceeds from a private C-band auction to the Treasury.

Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 rose 6½ points to close at 70¾ bid. The 9½% senior notes due 2023 picked up 5¾ points to close at 81½ bid.

Early Friday, the Luxembourg-based satellite operator, as part of the C-Band Alliance, filed a C-band spectrum auction plan with the Federal Communications Commission that proposes contributing a portion of the proceeds from a private auction to the U.S. Treasury.

Elsewhere, retailer J.C. Penney Co., Inc.’s paper moved higher after reporting mixed results for the third quarter.

The 7.4% senior paper due 2037 jumped up 6 points to close at 39 bid. The 6 3/8% senior notes due 2036 garnered 5½ points to close at 38 bid.

As the market opened on Friday, the Plano, Tex.-based department store chain reported mixed earnings results for the third quarter.

The company showed a loss of 30 cents per share, narrower than the 55 cents per share that analysts had expected. Revenues fell short of expectations at $2.5 billion.

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