Intelsat higher on anticipated auction announcement; J.C. Penney rises in retail space

By James McCandless

San Antonio, Feb. 4 – The distressed debt space spent Tuesday focused on newsmakers in the telecom and retail sectors.

Intelsat SA’s notes shifted higher amid reports that the chairman of the Federal Communications Commission plans to formalize a C-band spectrum auction this week.

Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 gained 3¼ points to close at 48¾ bid. The 9½% senior notes due 2023 jumped up 4¾ points to close at 62¼ bid.

The Luxembourg-based satellite operator’s structure saw more positivity amid reports that FCC chairman Ajit Pai is set to formally announce a C-band spectrum auction in a speech at a telecom event on Thursday.

Last week, Pai said that the matter would be voted on in a February FCC meeting.

In the retail sector, J.C. Penney Co., Inc.’s paper rose a day after addressing delisting concerns and appointing a slate of new executives.

The 5 7/8% senior notes due 2023 garnered ½ point to close at 87½ bid. The 8 5/8% notes due 2025 tacked on 2 points to close at 57 bid.

The Plano, Tex., department store retailer announced recently that it had received a non-compliance warning for its common stock from the New York Stock Exchange.

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