PHI notes improve on cash tender offer news; Murray Energy issues gain despite downgrade

By James McCandless

San Antonio, June 15 – The end of the week in the distressed debt market saw newsworthy names trading, with market sources reporting a drop-off in other activity after midday on Friday.

PHI, Inc. notes traded up after the company announced a cash tender offer for the $500 million in outstanding 5.25% senior notes due 2019.

Murray Energy Corp. issues gained despite the company’s ratings being downgraded. On Thursday, an agreement was reached with 95% of its lenders to partake in a planned debt restructuring.

PetSmart, Inc. paper was active but level as lenders try to protect their collateral from any potential asset transfer. During this week, the company shifted a portion of its e-commerce arm to private hands.

Intelsat SA notes were mixed. The company announced Monday that it would buy back its 7¾% notes due 2021. Frontier Communications Corp. issues were mixed on the heels of a failed auction for its Florida assets. Mallinckrodt plc paper declined.

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