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EP Energy dips on forbearance, downgrades; PetSmart lower as subsidiary posts earnings
By James McCandless
San Antonio, Sept. 17 – The distressed debt space saw negativity against the overall mixed nature of markets on Tuesday.
EP Energy Corp.’s notes saw a dip after the company did not make a $40 million interest payment on its secured notes and received ratings downgrades.
The 7¾% senior secured notes due 2026 lost 2 points to close at 80¼ bid. The 8% senior secured notes due 2024 also fell 2 points to close at 46 bid.
On Monday, the Houston-based independent oil and gas producer announced that it failed to make the $40 million interest payment due Aug. 15 on the 8% senior secured notes due 2025 issued by wholly owned subsidiaries EP Energy LLC and Everest Acquisition Finance Inc. within the 30-day grace period, Prospect News reported.
Meanwhile, retailer PetSmart, Inc.’s paper was mixed after as a subsidiary posted disappointing quarterly results.
The 8 7/8% senior notes due 2025 tacked on ¼ point to close at 95¼ bid. The 5 7/8% senior notes due 2025 lost ½ point to close at 99½ bid.
On Tuesday afternoon, Chewy.com, a subsidiary of Phoenix-based pet supplies retailer PetSmart, released its quarterly earnings results.
The company reported a loss of 21 cents per share, wider than the 11 cent loss that analysts had expected.
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