Intelsat Jackson higher on $1.5 billion new notes; Valeant up after Paulson brought on

By Colin Hanner

Chicago, June 19 – Though news was lighter as compared to a flurry of reports for distressed companies on Friday, activity continued to center around those names on Monday in the distressed debt market, a market source said, with Intelsat SA leading the space in activity.

The satellite telecommunications company announced it priced $1.5 billion of eight-year 9¾% senior notes to fund the redemption of Intelsat Jackson Holdings SA 7¼% notes due 2019, which was announced Monday.

Intelsat Jackson notes were higher on the day, while Intelsat Luxembourg Holdings SA were lower.

Valeant Pharmaceuticals International, Inc. was higher in two of its issues after the company announced John Paulson joined its board of directors.

Offshore supply vessel operator Hornbeck Offshore Services, Inc. saw a slight correction in its bonds a session after a several-point surge. The company announced a revised credit facility on Friday, prompting its stock and bonds to gain.

Retail grocers, which, on Friday, reacted wildly to Amazon Inc.’s acquisition of Whole Foods Inc., were much quieter on the session, as were distressed exploration and production companies, which were mixed following a 1% plunge in the oil commodity market.

J. Crew Group Inc. bonds were again higher following reaching the threshold on Friday for its term loan amendment.

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