Frontier active again as new notes price; J.C. Penney busier after own new issue

By James McCandless

San Antonio, March 8 – More of the same low levels of activity were reported by traders in the distressed debt market Thursday, with new pricings and recent news driving some favorites.

Frontier Communications Corp. was ever the volume favorite as it priced new notes. Recent positive news has had its tranches trending upward.

J.C. Penney Co., Inc. saw another rise in trading as the company announced its own new pricing Thursday.

Cobalt International Energy, Inc. paper took a less steep fall after Wednesday’s crash. The company is coming off of an asset auction where bids were not as high as anticipated.

Intelsat SA remained at the top of the distressed telecom space. Recent negative news concerning potential hospital closures kept Community Health Systems, Inc. active in healthcare. A mixed day in oil futures spurred activity in Ensco plc and Northern Oil and Gas, Inc.

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