Intelsat notes mixed as subsidiary pursues tender offer; Community Choice notes dip

By James McCandless

San Antonio, Sept. 11 – Tuesday trading in the distressed debt market continued to surround names with recent news.

Intelsat SA’s notes were mixed after a subsidiary announced a cash tender offer on Monday for a series of outstanding senior notes due 2020.

The Intelsat Jackson Holdings SA 5½% notes due 2023 lost about ¼ point to close at around 90¾ bid. The Intelsat (Luxembourg) SA 8 1/8% notes due 2023 rose about ¾ point to close at 86¾ bid.

Community Choice Financial Inc.’s notes declined. Last Friday, the company secured $45 million in financing.

The 10¾% notes due 2019 lost about ½ point to close at around 81½ bid., reversing the ¼ point gain seen a day earlier.

Digicel Group Ltd.’s paper was also mixed. The company recently extended an early tender deadline for two series of notes.

The 8¼% paper due 2020 shed ¾ point to close at 72¾ bid. The 7 1/8% paper due 2022 gained about ¼ point to close at 60½ bid.

Frontier Communications Corp.’s notes traded mixed with the 7 5/8% notes due 2024 down 1¼ points to close at 62½ bid and the 10½% notes due 2022 off ¼ point to close at around 87½ bid. The 11% notes due 2025 rose about ¼ point to close at around 77¼ bid.

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