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PetSmart notes active on refinancing; American Airlines, PBF Energy paper sinks
By Abigail W. Adams
Portland, Me., Oct. 26 – The distressed debt space was active on Monday with the overall high-yield market weak on renewed concern over a second wave of the Covid-19 pandemic, failed U.S. economic stimulus negotiations and uncertainty surrounding the election.
While the notes were little changed on the day, PetSmart Inc.’s senior notes were active as the company launched a new megadeal.
PetSmart’s 5 7/8% senior notes due 2025 closed Monday at 102 7/8.
The 7 1/8% senior notes due 2023 closed the day at 101 5/8.
The 8 7/8% senior notes due 2025 closed the day at 104 3/8.
American Airlines Group, Inc.’s senior notes continued their decline with hope for a pre-election stimulus package dashed.
American’s 3¾% senior notes due 2025 dropped 2½ points to 50¾.
The 5% notes due 2022 sank 2¼ points to 69. The 11¾% notes fell 1¾ points to 98¼.
PBF Holding Co. LLC’s notes continued their downward spiral with earnings to be announced on Thursday.
While volume was light, the 6% senior notes due 2028 dropped 3½ points to close the day at 48.
PBF’s 9¼% senior notes due 2025 were active and selling off the previous week with the notes trading down to 94.
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