iHeart notes gain despite Liberty’s withdrawal; Community Health mixed to end week

By James McCandless

San Antonio, June 22 – Activity in the distressed debt market was again restricted to volume favorites and news-driven names.

iHeartMedia, Inc. notes improved on Friday despite news that Liberty Media Corp. withdrew its proposal to invest in the company.

Community Health Systems, Inc. issues were mixed to close the week. On Wednesday, the company announced the results of three exchange offers intended to extend its debt maturities.

Frontier Communications Corp. paper was mixed a day after the company’s chief financial officer announced his departure.

Intelsat SA notes declined for a second day after strong gains on Wednesday.

California Resources Corp.’s issues improved as oil futures made multi-point gains.

PHI, Inc.’s paper rose. The company recently announced a cash tender offer for its 5¼% notes due 2019.

Notes of San Antonio-based outdoor communications company iHeartMedia gained, traders confirmed, despite the news that Liberty Media Corp. has officially withdrawn its proposal to invest in the bankrupt company.

Liberty Media said it decided to pull out after reviewing iHeartMedia’s results, which were below expectations and negatively impacted Liberty’s initial estimates of the company’s value (see related story elsewhere in this issue).

“It was pretty much one issue moving today,” a trader said. “That’s more about when the news came out. Today was pretty muted overall.”

iHeartMedia’s 7¼% notes due 2027 gained 1 point to close at 26 bid.

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