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Distressed bonds trend weaker; NII debt takes another round of beatings; Alpha Natural comes in
By Stephanie N. Rotondo
Phoenix, Dec. 10 - There were "no real advancers" in the distressed debt market on Tuesday, according to a trader.
NII Holdings Inc. "was a mover again," losing about 2 to 3 points on the day, just one day after the company announced an operational restructuring plan that would cut at least 1,400 marketing positions.
The trader said the 7 5/8% notes due 2021 dropped over 3 points to end at 401/4, while the 10% notes due 2016 fell over 2 points to 50 7/8.
Another trader said the name was "a little bit lower again," seeing the 10% note around 51 and the 11 3/8% note due 2019 at 79.
He said the 11 3/8% notes were down from previous levels around 81 bid, 82 offered.
After rising in the previous session on word of an asset sale, Alpha Natural Resources Inc.'s 6% notes due 2019 came in a touch to close around 881/4, a trader said. He also placed the 6¼% notes due 2021 at 88, which was off almost a point.
The bonds had moved up on Monday after Alpha Natural said it was selling its 50% stake in Alpha Shale Resources to Rice Energy for $300 million. The consideration will be paid out via $100 million in cash and $200 million in Rice Energy stock.
In the world of retail, Claire's Stores Inc.'s 7¾% notes due 2020 "continues to go lower," a trader said, pegging the notes at 92.
The bonds have been soft since the company reported earnings last week.
Elsewhere, Energy Future Holdings' 10¼% notes due 2015 dipped nearly half a point to close around 6 7/8, while iPayment Inc.'s 10¾% notes due 2019 declined almost a point to 44 5/8.
Caesars Entertainment Corp.'s 10% notes due 2018 meantime fell to 441/2, as the 10¾% notes due 2016 slipped to 801/2.
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