Digicel mixed on exchange offer, ratings downgrades; Diebold declines

By James McCandless

San Antonio, Aug. 31 – The distressed debt market saw a flurry of activity centered on topical names as the week came to a close on Friday.

Digicel Group Ltd.’s notes were mixed after a morning announcement of an exchange offer followed by ratings downgrades in the afternoon.

Diebold Nixdorf, Inc.’s issues fell slightly in reaction to news late Thursday that the company had amended its credit agreement.

Sanchez Energy Corp.’s paper improved after a tumultuous week riding a cyclical wave of oil news.

Intelsat SA’s notes fell, ending a week of volatility. Recently, a subsidiary priced a $1.25 billion issue of senior notes.

Frontier Communications Corp.’s issues ended mixed. A recent earnings report disappointed analysts and resulted in a ratings downgrade.

Mallinckrodt plc paper improved in the medical space.

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