Intelsat notes lower in telecom space; Mallinckrodt active after early tender results

By James McCandless

San Antonio, Nov. 20 – The distressed debt space continued to focus on newsmakers in the telecom and energy sectors on Wednesday.

Intelsat SA’s notes dominated trading again, moving lower in the wake of adverse actions from the Federal Communications Commission.

The 9½% senior notes due 2023 fell 2¾ points to close at 64½ bid. Intelsat Jackson Holdings SA’s 8½% senior notes due 2024 declined by 2¼ points to close at 83¾ bid.

After days of declines for the Luxembourg-based satellite operator’s notes and equity, an analyst at Raymond James said that the equity had reached a floor, issuing an upgrade.

“It’s still the topical name in distressed, but the volume was relatively muted today,” a trader said.

Elsewhere, in pharma, Mallinckrodt plc’s paper varied after the company released early tender results for several series of notes.

The 5¾% senior paper due 2022 picked up ½ point to close at 26 bid. The 4 7/8% senior paper due 2020 dipped ¼ point to close at 66¾ bid.

After the close on Tuesday, the Staines-upon-Thames, England-based drug producer’s wholly owned subsidiaries Mallinckrodt International Finance SA and Mallinckrodt CB announced the early results of their private offers to exchange several series of their notes for new notes.

© 2015 Prospect News.
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