Intelsat notes head lower on 5G dispute; Party City dives after shareholder news

By James McCandless

San Antonio, Nov. 13 – Wednesday in the distressed debt space was marked by negativity in several sectors.

Intelsat SA’s notes shifted lower as a dispute over 5G usage between a consortium of satellite operators and government regulators intensifies.

The 9½% senior notes due 2024 declined by 7¾ points to close at 77¼ bid. The Intelsat (Luxembourg) SA 8 1/8% senior notes due 2023 lost 6¾ points to close at 69¾ bid.

The Luxembourg-based satellite operator’s structure saw weakness amid worries that the U.S. government may decide to hold a public auction for the use of C-band, or 5G.

For months, the company and a group of similar names have been advocating for a private auction as the C-Band Alliance.

Retailer Party City Holdco Inc.’s paper dived after news broke of a share distribution involving its largest shareholder.

The 6 1/8% senior notes due 2023 shed 6 points to close at 58 bid. The 6 5/8% senior notes due 2026 crashed 12¼ points to close at 50¾ bid.

Early Wednesday, the Elmsford, N.Y.-based party supplies retailer disclosed that funds affiliated with its largest shareholder distributed its entire stake.

Thomas H. Lee Partners moved 35.7 million shares to limited partners of its funds, losing the right to make nominations to the board of directors in the process.

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