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Frontier higher; Hertz, Baytex steady; Gran Tierra softens; Alpha notes sink
By Cristal Cody
Tupelo, Miss., April 23 – Frontier Communications Corp.’s bonds traded heavily Friday as the company announced it plans an April 30 exit from Chapter 11 bankruptcy.
Frontier’s 11% senior notes due 2025 rose ¾ point to 74½ bid by late afternoon, up 4½ points from the same day a week ago.
Hertz Corp.’s bonds steadied with the 5½% notes due 2024 flat at 106¼ bid, but up from 103½ bid the same day last week.
In the oil and gas space, Baytex Energy Corp.’s 8¾% senior notes due 2027 (B3/B+) headed out mostly unchanged at 93¼ bid after S&P revised the company's outlook to stable from negative.
Gran Tierra Energy Inc.’s 7¾% senior notes due 2027 (B-/CCC) were down nearly 1 point to 83 bid late Friday, but are trading 1¾ points higher month to date, a source said.
Meanwhile, Alpha Holding SA de CV’s 9% senior notes due 2025 (Caa2/CCC/CC) declined another 2 points to 32½ bid on Friday and down from the 69½ bid in the same session a week ago.
The bonds have plunged since Alpha announced Tuesday a restatement of its financial statements due to accounting errors.
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