PetSmart gains as attempts made to calm creditors; Northern Oil declines

By James McCandless

San Antonio, June 13 – Traders reported another low-volume day in the distressed debt market Wednesday with pockets of activity in popular names.

PetSmart, Inc. notes traded up as the company tries to quell creditor worries about its recent transfer of 36.5% of its stake in e-commerce arm Chewy.com out of the hands of creditors.

Northern Oil and Gas, Inc. issues fell a day after the company announced an exchange of a portion of its 8% senior notes due 2020 for stock.

Intelsat SA paper fell. On Monday, the company announced a buyback for its 7¾% notes due 2021, using proceeds from common stock and convertible offerings.

Frontier Communications Corp. notes were up. A recent auction for its Florida assets failed to produce a substantive bid. Community Choice Financial Inc. issues traded up. On Monday, the company reached a debt restructuring agreement with its largest noteholder. Mallinckrodt plc paper declined.

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