Intelsat, Ensco mostly undisturbed by earnings releases; iHeart down as exchange extended

By Colin Hanner

Chicago, April 27 – Not even quarterly earnings on Thursday could shake up the trend of lackluster activity in the distressed market as of late, market sources said.

Intelsat SA and its subsidiaries did not veer too far from where they started the day after announcing earnings in the morning.

“[Intelsat Jackson] paper was nearly unchanged, [Intelsat Luxembourg] paper was a bit lower, but not a lot of trading” overall on the session, a trader said.

Offshore drilling contractor Ensco plc was also in the earnings pool and drifted lower on the day.

Pet retailer Petsmart, Inc. bonds were “fairly active” and were down a round number on the session, a trader said.

Media and entertainment company iHeartCommunications, Inc. announced it pushed back the exchange offer deadline for five series of priority guarantee notes and senior notes for the third time due to low turnout.

“[iHeartCommunications] is slowly drifting lower, not that there’s a lot of trading,” a market source said.

Health care and pharmaceuticals remained in the mix, with Valeant Pharmaceuticals International Inc. and Community Health Systems, Inc. mixed.

Several idiosyncratic names traded in both directions, though not more than a point in either direction.

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