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EP Energy up, Stone down; Community Health down amid ACA speculation; Intelsat flies
By Colin Hanner
Chicago, Nov. 16 – Distressed energy bonds teetered on up-and-down oil news, and company-related news characterized trading on Wednesday in distressed debt-land, though traders said much of the focus was on new issues in high yield.
“New issues like Weatherford [International] and Bombardier [Inc.] seemed to be the bulk of activity today,” a trader said. “More of the focus on the primary high yield market.”
Yet, EP Energy Corp. and Stone Energy Corp. had headlines during Wednesday’s session, capped by mixed movement in notes for both.
EP Energy announced Wednesday that it plans to repay the outstanding amount under its senior reserve-based revolving credit facility with $350 million of proceeds from a senior secured note offering.
Meanwhile, some holders of Stone’s convertible bonds and its 7½% senior notes due 2022, entered into a third amendment of their restructuring support agreement, extending the deadline to Nov. 17 from Nov. 15 for the beginning of solicitation of votes on its pre-packaged plan of reorganization.
Peabody Energy Corp. and CGG SA both saw gains after production in mining had its largest increase in October since March 2014, though the coal sector was quiet on the day.
Valeant Pharmaceuticals International Corp. and Concordia International Inc. continued without much movement in the pharmaceutical realm, while Community Health Systems Inc. treaded amid Affordable Care Act speculation after positive sessions earlier this week.
Intelsat SA’s Luxembourg-linked notes continued to soar in several notes, though some traders were unsure why.
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