Intelsat bonds bounce around on filing disclosures; energy issues keep firming; Valeant rebounds

By Paul Deckelman

New York, Dec. 2 – Intelsat SA’s bonds were gyrating around on Friday – the senior paper seen several points better but the junior paper down multiple points – after the communications satellite company disclosed in a regulatory filing that it had been in talks with some of its noteholders on possible exchange offers for their existing bonds – which never came to fruition.

In the energy arena, oil and natural gas names including EP Energy LLC, California Resources Corp. and Denbury Resources Inc. continued to ride the upside momentum of world crude oil prices, which firmed for a third straight session on Friday on investor expectations that planned OPEC and non-OPEC output cuts will give prices a boost.

Hospital operator Community Health Systems Inc.’s paper was seen sharply higher.

Canadian drug manufacturer Valeant Pharmaceuticals International, Inc. was also modestly on the rise, after having been pushed lower earlier in the week on reported difficulty with its asset-sale plans.

A trader said that he had seen “a lot of Intelsat activity,” after the Luxembourg-based communications satellite operator disclosed in a 6-K filing with the Securities and Exchange Commission that it had engaged in discussions with the holders of certain of its notes regarding possible exchange offers for those notes.

Specifically, it held discussions with the holders of its Intelsat (Luxembourg) SA 6¾% senior notes due 2018, its 7¾% senior notes due 2021 and its 8 1/8% senior notes due 2023.

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