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Revlon notes decline as lenders sue; Antero Resources trades down on ratings action
By James McCandless
San Antonio, Aug. 13 – During the Thursday session, the distressed debt market saw shifting ground in the retail and energy spaces.
Revlon, Inc.’s notes were under pressure after a lender filed a lawsuit accusing the company of theft of collateral.
The 5¾% senior notes due 2021 declined by 1 point to close at 22¼ bid. The 6¼% senior notes due 2024 gave up 2 points to close at 15¾ bid.
Late Wednesday, news broke that a lender has filed a lawsuit against the New York-based cosmetics producer alleging the company transferred about $1.8 billion in intellectual property.
The lawsuit, filed by UMB Bank, alleges improper transfer of intellectual property rights to collateral that was used for a loan to finance the acquisition of the Elizabeth Arden brand.
In a statement, the company called the lawsuit meritless.
In the oil and gas space, Antero Resources Corp.’s paper was pushed down as its ratings were placed on notice.
The 5 5/8% senior notes due 2023 lost 1¾ points to close at 77¼ bid. The 5 1/8% senior paper due 2022 gave back 1¾ points to close at 84 bid.
On Thursday, S&P Global Ratings placed some of the Denver-based independent oil and gas producer’s ratings on watch.
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