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Transocean notes in focus after amendment news; Hertz trades higher in secondary market
By James McCandless
San Antonio, Dec. 1 – The distressed debt session saw the energy sector take most of the market’s attention.
Transocean Ltd.’s notes varied in direction after the company announced that it had amended some financing documents and implemented reorganization transactions.
Transocean’s notes varied in direction through the session, traders said.
The 7½% senior notes due 2031 dropped ½ point to close at 28 bid. The 7½% senior notes due 2026 improved by 1¾ points to close at 31¾ bid.
Early Tuesday, the Steinhausen, Switzerland-based contract driller made amendments to some of its financing documents and implemented internal reorganization transactions to resolve default allegations relating to its 7¼% senior notes due 2025 and 8% senior notes due 2027, Prospect News reported.
Meanwhile, car rental name Hertz Global Holdings, Inc.’s notes improved a day after the company announced a purchase agreement for certain assets.
The 6¾% senior notes due 2022 moved up ¾ point to close at 43¾ bid. The 5½% senior notes due 2024 garnered ½ point to close at 44 bid.
The Estero, Fla.-based car rental company’s structure was positive a day after announcing that it had entered into a stock and asset purchase agreement to sell all of the assets of its wholly owned subsidiary, Donlen Corp., to Athene Holding Ltd.
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