iHeart up on restructuring news; Valeant perks on asset sale; Endo, Frontier busy, better

By Stephanie N. Rotondo

Seattle, July 17 – The distressed debt market had a positive tone on Monday, even though trading volume continued to be limited.

“We’re just trying to stay awake until the end of the day,” a trader said. However, he added that “everything is up.”

While liquidity was muted, there was some fresh news out to move a couple of names around.

iHeartCommunications Inc., for instance, reported that restructuring negotiations with lenders were continuing.

The company also released details on their own restructuring proposal, as well as the counterproposal from the lenders.

The announcement helped the company’s debt trend higher.

Also taking the high road were Valeant Pharmaceuticals International Inc.’s bonds, on news the company had sold off another asset.

Elsewhere in the pharmaceutical space, Endo International plc’s paper “looked a little better,” according to one trader.

The trader saw the 6% notes due 2023 “moving just north of 85.”

Another trader called the issue half a point better at 85 3/8. He also saw the 5 3/8% notes due 2023 rising nearly a point to 84.

And, as has been the case of late, Frontier Communications Inc.’s debt was called active yet again – and better.

A trader saw the bellwether 11% notes due 2025 ticking up a touch to 89¾.

At another shop, the 11% notes were seen in an 89½ to 90 context, deemed up half a point to three-quarters of a point.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.