Intelsat jumps on note buyback; Community Health issues improve as exchange offer ends

By James McCandless

San Antonio, June 11 – Traders reported a quiet start to the week in the distressed debt market on Monday, with spots of activity in news-driven names.

Intelsat SA notes gained after the company announced Monday that it would buy back its 7¾% notes due 2021 using proceeds from common stock and convertible offerings.

Community Health Systems, Inc. issues rose after a subsidiary wrapped up an exchange offer after reaching the 90% threshold for one series.

PetSmart, Inc. paper traded down. Last week, the company announced that it had hired debt advisers to help reduce its $8 billion debt.

Frontier Communications Corp. notes were mixed. The company recently held an auction for its Florida assets but failed to receive a satisfactory bid. Murray Energy Corp. issues were level. Last week, the company reached a debt restructuring agreement with creditors. Mallinckrodt plc paper fell.

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