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Intelsat notes mixed before tender offer concludes; Neiman Marcus paper trades mixed
By James McCandless
San Antonio, Sept. 19 – Trading in the distressed debt market dug its heels into retail names.
Intelsat SA’s notes finished mixed before a subsidiary announced the results of a cash tender offer after the market close.
The Intelsat Jackson SA 5½% notes due 2023 rose ½ point to close at 91½ bid. The Intelsat (Luxembourg) SA 8 1/8% notes due 2023 shed ¼ point to close at 86 bid.
On Tuesday, the 5½% notes rose ¼ point and the 8 1/8% notes rose 1¼ points.
After the close on Wednesday, subsidiary Intelsat Jackson announced the results of a recent cash tender offer for its 7¼% senior notes due 2020.
In all, $1,723,269,000 of the aggregate principal amount was validly tendered at the time the offer expired.
Neiman Marcus Group, Inc.’s issues were also mixed a day after releasing its second-quarter earnings report.
The 8% notes due 2021 rose about ¼ point to close at 65¾ bid. The 7 1/8% notes due 2028 lost 4½ points to close at 81¾ bid.
The company released its second-quarter earnings report on Tuesday with improved sales numbers but doing little to quell worries about its debt.
Sears Holdings Corp.’s paper declined.
The 6 5/8% notes due 2018 lost 1 point to close at 90½ bid.
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