Frontier improves as company offers secured notes; Neiman falls amid revenue report

By James McCandless

San Antonio, March 12 –The distressed space saw a higher level of activity on Tuesday with a renewed focus on news-driven names.

Frontier Communications Corp.’s notes were improving as the market anticipates a $1.65 billion pricing of secured notes.

Sector peer Intelsat SA’s issues were mixed on Tuesday.

Meanwhile, retailer Neiman Marcus Group, Inc.’s paper fell amid the company’s release of its revenues for the second-quarter.

Elsewhere in retail, L Brands, Inc.’s notes were mixed.

Modest gains for oil futures served as the backdrop for a positive day for California Resources Corp.’s issues while Ensco plc’s and EP Energy Corp.’s paper closed mixed.

Deutsche Bank AG’s notes continued to move upward, spurred on by Monday merger talk.

Bankrupt utility PG&E Corp.’s issues were gaining.

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