PG&E notes gain as financing plans released; Hertz paper spikes on recovery hopes

By James McCandless

San Antonio, June 8 – The distressed debt space marked Monday with large swaths of positivity as the market bet on a swift recovery.

PG&E Corp.’s notes were seen gaining after the company released its plans for funding its end-of-June bankruptcy exit.

The 6.05% senior notes due 2034 rose ½ point to close at 118½ bid.

On Monday morning, the San Francisco-based electric utility said that it expects to pursue underwritten public offerings of common stock and equity units as part of its plan to fund its emergence from Chapter 11, Prospect News reported.

Elsewhere, Hertz Global Holdings, Inc.’s issues spiked as the market pinned its hopes on a speedy economic recovery from the coronavirus.

The 6¼% senior notes due 2022 gained 5¼ points to close at 40 bid. The 5½% senior notes due 2024 added 5¾ points to close at 40½ bid.

The Estero, Fla.-based car rental company’s structure, along with its common stock, saw spikes as the market continued to bet on a speedy economic recovery from the damage done by the coronavirus pandemic.

Last week, as many states lift government restrictions, travel names were seen improving on positive economic data and a better outlook on demand in the short-term.

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