Frontier rises; Hertz, Diamond Sports decline; Transocean, Callon bonds up on oil gains

By Cristal Cody

Tupelo, Miss., March 4 – Bankrupt Frontier Communications Corp.’s bonds improved in heavy secondary trading over Thursday’s session.

The company’s 11% notes due 2025 added ½ point to 58½ bid by late afternoon, a source said.

Frontier said in its 10-K filing with the Securities and Exchange Commission on Wednesday that it expects to emerge from Chapter 11 bankruptcy early this year.

In other distressed issues trading Thursday, Hertz Corp.’s bonds gave back gains from earlier in the week, a source said Thursday.

The company’s 5½% notes due 2024 declined 2½ points to 78¾ bid.

Also on Thursday, Hertz’s 6% notes due 2028 fell 1½ points to 79½ bid.

Meanwhile, Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (Ba3/CCC+) softened 1 point over Thursday’s session to 69 bid, a market source reported.

In the secondary market, offshore driller Transocean Inc.’s 7½% senior notes due 2026 (Ca) gained ¾ point to 66¾ bid after last being seen in heavy supply on Friday at 66 bid, a source said.

Callon Petroleum Co.’s 6 3/8% senior notes due 2026 (Caa2/D) climbed 2¼ points to 82 bid after adding 1½ points on Wednesday.

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