California Resources notes in focus amid early tender results; Intelsat trades lower

By James McCandless

San Antonio, March 5 – Distressed debt trading focused on the energy and telecom spaces on Thursday.

California Resources Corp.’s notes varied in direction as the company released early results of its three-tranche tender offer.

The 6% senior notes due 2024 added ½ point to close at 22½ bid. The 8% senior secured notes due 2022 lost 2¼ points to close at 21 bid.

On Thursday, the Los Angeles-based independent oil and gas producer announced the early results of its offer to exchange three series of notes and related subscription offers, Prospect News reported.

As of the 5 p.m. ET early deadline on March 4, holders of $1,056,000,000 of the 8% notes, $32 million of the 5½% notes and $83 million of the 6% notes had participated in the exchange offer.

The offer includes the $1,808,327,000 outstanding 8% senior secured second-lien notes due 2022, the $99,996,300 outstanding 5½% senior notes due 2021 and the $144,279,000 outstanding 6% senior notes due 2024.

Telecom name Intelsat SA’s paper moved lower amid negative headlines concerning a share sale from two major holders.

The 9½% senior notes due 2023 shaved off ¼ point to close at 55¾ bid. Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 declined by 1½ points to close at 36 bid.

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