ClubCorp bonds improve on takeover news; E&P names mostly better as oil prices gyrate

By Stephanie N. Rotondo

Seattle, July 10 – As distressed debt players returned to their desks after a shortened holiday week, market sources reported that, with some exceptions, volume remained constrained.

“As has been the case since the start of July, it’s been wickedly quiet,” one trader said.

There was, however, at least one notable name for the day.

ClubCorp Holdings Inc. was “by far one of the more active names,” a trader said, as it was announced that the golf club operator was being taken over by private equity firm Apollo Global Management.

The 8¼% notes due 2023 pushed up “just under 3 points,” another trader said.

Meanwhile, the E&P sector continued to be in focus as domestic crude oil prices “vacillated on either side of positive territory,” a trader remarked.

The space was mostly better for the day, with West Texas Intermediate crude ending the session modestly higher.

For instance, Ensco plc’s 4½% notes due 2024 ticked up an eighth of a point to 76 5/8, according to a trader.

Noble Energy Inc. bonds were also trending upward, with a trader seeing the 7¾% notes due 2024 half a point higher at 77½ and the 5¼% notes due 2042 a full point better at 54.

Sanchez Energy Corp. was another gainer, as a trader saw the 6 1/8% notes due 2023 rising a quarter-point to 79¾.

And, California Resources Corp.’s 8% notes due 2022 closed up a deuce at 63½.

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