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Hertz notes mixed as Chapter 11 exit nears; Consol, Peabody stronger; Talen up
By Cristal Cody
Tupelo, Miss., May 12 – Hertz Corp.’s bonds were mixed in strong trading action on Wednesday following the company’s selection of a rival bid to fund its exit from Chapter 11 bankruptcy.
The Estero, Fla.-based car rental operator’s 6¼% senior notes due 2022 rose ¼ point to 102½ bid, a source said.
Hertz’s 7% senior notes due 2028 traded at 96¾ bid, down more than 2 points from where the notes went out Tuesday.
Hertz Global Holdings, Inc. said it is working toward a Chapter 11 exit by June 30.
Distressed coal bonds traded higher during the session, a source said.
Canonsburg, Pa.-based coal producer Consol Energy Inc.’s 11% second-lien notes due 2025 (Caa1/CCC) improved to 98 bid in heavy activity, up 1 point from Monday.
St. Louis-based coal producer Peabody Energy Corp.’s 6% senior secured notes due 2022 (Caa3/CCC-) were quoted at 87¼ bid, ½ point better than where the issue was last seen in the prior week.
Peabody’s 6 3/8% notes due 2025 (Caa1/CCC) headed out at 53 bid, up 6 points from where the notes traded a week ago.
The Woodlands, Tex., and Allentown, Pa.-based power company Talen Energy Supply LLC’s 6½% senior notes due 2025 (B3/CCC+/B) rose ½ point to 88 bid over the day.
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