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Transocean, Nabors, Weatherford slip as oil sinks; Peabody, Hertz, Revlon improve
By Cristal Cody
Tupelo, Miss., March 18 – Distressed energy bonds mostly softened as oil prices plunged on Thursday.
Offshore driller Transocean Inc.’s 8% senior notes due 2027 (Ca/CCC) dropped 3½ points to 62 bid by late afternoon, a market source said.
Oil and gas drilling contractor Nabors Industries Ltd.’s 7¼% senior notes due 2026 (Caa1/CCC-/B-) traded 3 points weaker at 86½ bid.
Oil and gas company Weatherford International LLC’s 11% senior notes due 2024 (B3/CCC) fell 1¾ points to 97 bid, a market source said. The notes are yielding more than 12%.
Coal producer Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/CCC-) traded ¾ point higher to 45¾ bid on Thursday, a market source said.
In bankrupt issues trading Thursday, car rental company Hertz Corp.’s 5½% notes due 2024 hit 90¼ bid, according to a market source.
The notes started the week trading Monday at 86¾ bid and were seen in the same session a week ago at 85¼ bid.
Meanwhile on Thursday, Revlon Consumer Products Corp.’s 6¼% senior notes due 2024 (C/C/) edged higher in secondary trading, a market source said.
The notes traded at 36 bid late afternoon, up from 34¾ bid on Wednesday, 32½ bid on Tuesday and 31¾ bid on Monday.
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