Intelsat sinks on continued revenue concerns; L Brands paper tracks higher in trading

By James McCandless

San Antonio, Jan. 30 – Nearing the end of the week in the distressed debt market, more of the focus was fixed on shifting ground in the telecom and retail spaces.

Intelsat SA’s notes continued to dip on concerns of reduced auction revenue despite news of an analyst upgrade.

Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 fell 4 points to close at 37¼ bid. The 9½% senior notes due 2023 shed 3¾ points to close at 49½ bid.

On Wednesday, the 8 1/8% notes crashed 10¼ points.

After the close on Wednesday, news broke that the Federal Communications Commission plans to start laying the groundwork for a c-band spectrum auction in February with the intention of holding it at the end of the year.

Department store name L Brands, Inc.’s notes continued to track higher on Wednesday’s news of a possible executive change and asset sale.

The 6¾% senior notes due 2036 jumped up 2½ points to close at 98¾ bid. The 5¼% senior paper due 2028 gained ¼ point to close at 99¼ bid.

The Columbus, Ohio-based owner of several retail brands has seen heightened activity over the last few trading days after the news broke on Wednesday that long-time chief executive officer Leslie Wexner is considering leaving his position.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.