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Chesapeake Energy gains with oil, debt exchange; EXCO falls; Teck mixed post-tender news
By Stephanie N. Rotondo
Seattle, May 24 – Distressed oil and gas names were trading actively and better on Tuesday, helped in part by a gain in oil prices.
Domestic crude improved by 1.5% during the session, as concerns about supply disruptions continued to encourage the market that the current oversupply would wane.
Chesapeake Energy Corp. was also buoyed by news out late Monday regarding yet another debt-for-equity swap.
A trader said the 8% second-lien notes due 2022 gained “almost 3 points” to close at 77 1/8, on “a slug of trades.”
Another market source placed the 6 5/8% notes due 2020 at 62 bid, up 4 points.
In a regulatory filing Monday, the Oklahoma City-based oil and gas producer said it was exchanging $166 million of upcoming maturities and puts for approximately 37 million shares of equity.
Elsewhere in the oil arena, EXCO Resources Inc. debt bucked the positive trend in the space following an update on the company’s restructuring efforts.
A trader said the 8½% notes due 2022 fell to 16¼, a loss of 10 points from “almost two weeks ago.”
Away from oil and gas, Teck Resources Ltd., a Canadian diversified mining company, saw its bond trade mixed Tuesday as the market digested news of a tender offer.
A trader called the 4½% notes due 2021 up almost a point at 82 7/8, while the 4¾% notes due 2022 fell nearly a point to 76¼.
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