Intelsat notes trade higher after financing news; Oasis Petroleum eyed as ratings cut

By James McCandless

San Antonio, April 8 – Telecom and energy names ruled activity in the distressed debt space during the Wednesday session.

Intelsat SA’s notes moved to a better position after news broke that the company is seeking C-band relocation cost financing.

Intelsat Jackson Holdings SA’s 5½% senior notes due 2023 improved by ¾ point to close at 58 bid. Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 picked up 1¾ points to close at 16 bid.

On Wednesday, the Luxembourg-based satellite operator’s structure was pushed higher after news broke that the company is exploring relocation cost financing for the C-band spectrum it plans to sell.

The company has hired PJT Partners and Kirkland to evaluate its balance sheet as it looks for pre-relocation financing for the spectrum it plans to sell in a December Federal Communications Commission auction.

In the oil and gas space, Oasis Petroleum Inc.’s paper diverged in direction after receiving a ratings downgrade.

The 6 7/8% senior notes due 2022 fell 2 points to close at 14 bid. The 6¼% senior paper due 2026 added ¼ point to close at 12¼ bid.

After the close on Tuesday, the Houston-based independent oil and gas producer received a slate of ratings downgrades from Moody’s Investors Service.

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