Community Health ticks higher on low-volume session; iHeart inactive; Intelsat gains

By Colin Hanner

Chicago, April 24 – Activity in the distressed debt market was sparse on a lackluster Monday, traders said, with regular high-yield issues stealing the action. Idiosyncratic issues saw wider movement on the day.

“There’s just not that much going on,” a trader said. “Any volume was in regular high yield.”

Community Health Systems, Inc. was the most active with a dozen trades, a trader said, and ticked higher, followed by Canadian pharmaceutical company, Valeant Pharmaceuticals International, Inc.

Intelsat SA was higher by a round number, traders said, and fellow aerospace company Sequa Corp. fell by several points on the session.

iHeartCommunications, Inc. continued to be inactive, with the building sentiment that a proposed exchange offer will not be carried out successfully for the radio and broadcasting company.

And, after releasing positive fourth quarter and year-end results on Thursday, 99 Cents Only Stores LLC was several points higher on the session.

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