Intelsat improved on financing; energy names firm despite oil retreat; Puerto Rico debt quiet

By Paul Deckelman

New York, June 30 – The distressed debt market was mostly quiet on Thursday heading into the July 4th holiday break in the United States, traders said. They said that activity was mostly subdued on the last full trading session of the week. Friday’s session will have an early close and the debt markets will be shuttered altogether on Monday.

However, traders said that Intelsat SA’s bonds were busy and trading at mostly higher levels, aided by the news that the communications satellite company had completed a $490 million private placement note financing, planning to use the proceeds to fund its pending tender offer for three series of notes.

The traders said that energy issues such as California Resources Corp. and Oasis Petroleum Inc. were seen adding to their gains of the past several sessions, even though oil prices turned southward.

Puerto Rico’s bonds were quiet, even as the troubled island commonwealth got some good news on two fronts – final passage and a presidential signature on federal legislation aimed at helping its tangled finances, and an agreement between the island’s electric power authority and its bondholders averting a default on the authority’s paper. But the federal aid measure won’t take effect quickly enough to avoid Friday’s looming payments deadline on Puerto Rico’s bonds.

In the convertibles market, SolarCity Corp.’s recently battered bonds were seen having recovered some of their lost ground.

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