PetSmart notes gain again amid ratings downgrade; Intelsat mixed on pending note buyback

By James McCandless

San Antonio, June 14 – Volume in the distressed debt market was largely focused on news-driven names while the rest of the market saw a relatively quiet day.

PetSmart, Inc. notes rose again amid a ratings downgrade. This week, the company is working to return to creditors’ good graces after transferring 36.5% of its e-commerce business out of their hands.

Intelsat SA issues were mixed. On Monday, the company announced that it would use proceeds from common stock and convertible offerings to buy back its 7¾% notes due 2021.

Northern Oil and Gas, Inc. paper improved. On Tuesday, the company announced an exchange of a portion of its 8% senior notes due 2020 for stock.

Frontier Communications Corp. notes were mixed. The company failed to attain a satisfactory bid in a recent auction for its Florida assets. Community Choice Financial Inc. issues fell. On Monday, a debt restructuring agreement was reached with its largest noteholder. Mallinckrodt plc paper rose.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.