Endo notes positive as company begins debt refinancing; PHI issues down on maturity fears

By James McCandless

San Antonio, March 14 – The Thursday session in the distressed space saw focus shift to news-making names.

Endo International plc’s notes were positive as the company kicked off a debt refinancing effort centered on a new offering of senior secured notes.

Sector peer Teva Pharmaceutical Industries Ltd.’s issues were similarly active but level.

In the energy space, PHI, Inc.’s paper dipped amid mounting concern that it would default after a $500 million maturity on Friday.

Mixed oil futures were the backdrop for improvements in Ensco plc’s and EP Energy Corp.’s notes while Halcon Resources Corp.’s saw another large drop.

Elsewhere, PG&E Corp.’s notes gained despite its bankruptcy court judge expressing concerns about more potential wildfires in 2019.

In retail, PetSmart, Inc.’s issues were rising while L Brands, Inc.’s paper closed mixed.

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