Frontier surge continues as amendment launched; energy issues ease; Exact Sciences rebounds

By Paul Deckelman

New York, Jan. 18 – Frontier Communications Corp. paper was the most prominent name among bonds and notes of underperforming companies and sectors on Thursday, firming smartly in active trading for a third consecutive session. The surge follows the wireline telecommunications company’s launch of amendments to its credit agreements that will loosen up the terms of some of its covenants, potentially allowing it to issue new debt in order to address upcoming senior note maturities.

In that same communications sector, wireline peer CenturyLink, Inc.’s paper was lower, while satellite operator Intelsat SA was also off.

Energy names such as California Resources Corp. and MEG Energy Corp. eased amid a slight decline in crude oil prices.

In the convertibles market, Exact Sciences Corp.’s recently priced notes were on the rebound Thursday after having gotten hammered on Wednesday as the biotechnology company’s underlying shares tanked in response to a positive clinical trial by an industry rival.

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