Energy drillers mixed; E&P easier; Altice, Intelsat issues stay softer; Rite Aid gains

By Paul Deckelman

New York, Jan. 10 – Distressed debt, as well as the notes and bonds of other underperforming companies and sectors, were seen mostly mixed-to-lower on Wednesday, in line with a generally softer overall high-yield bond market that was pulling back a little after starting the new year off strongly.

With marine energy drilling company Ensco plc shopping a new deal around for likely pricing on Thursday and announcing a tender offer for some of its existing paper, those established bonds were busy on Wednesday and trading mixed.

Ensco drilling sector peers Noble Holding International Ltd. and Transocean Ltd. were mixed in active trading, but there was only limited activity in oil and natural gas exploration and production names like California Resources Corp. Cal Res and sector peer Continental Resources, Inc. eased despite continued crude oil price gains.

Away from the energy sphere, traders saw continued weakness in the bonds of domestic cable operator Cablevision and its ultimate corporate parent, Altice NV, ahead of an upcoming new deal from Cablevision unit CSC Holdings, LLC.

Also in the telecom space, communications satellite company Intelsat SA’s bonds were seen in retreat for a second straight session.

Retailer Rite Aid Corp.’s notes were firmer on the day.

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