Intelsat amends exchange offer, bonds rise; Valeant up; E&P mixed on low-volume session

By Colin Hanner

Chicago, May 18 – It was a low-liquidity session in the distressed market on Thursday, a trader said, with Intelsat SA leading movers on the session following yet another exchange offer deadline extension, pushing back a previously set Thursday evening deadline.

In the distressed space as a whole, a trader said that just over $1 billion changed hands.

Late Wednesday, Intelsat further amended its debt exchange offers in addition to pushing back the deadline to late May. Bonds were several points higher on the day.

In health and pharmaceuticals, Valeant Pharmaceuticals International Inc. was higher fractionally in one of its issues, as was Community Health Systems, Inc.

For the second-straight session, crude oil futures rose slightly, inching nearer to the $50 a barrel benchmark, and distressed exploration and production companies were mixed.

California Resources Corp. and Atwood Oceanics Inc. were both lower on the day, a trader said.

Across the airwaves, Frontier Communications Corp. and iHeartCommunications, Inc. moved in opposite directions.

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