Revlon notes gain amid lender dispute; Antero Resources eyed as new issues price

By James McCandless

San Antonio, Aug. 18 – Retail and energy names were the focus of distressed debt trading on Tuesday.

Revlon, Inc.’s notes gained ground as a court ordered that $175 million of mistakenly disbursed money to one of its lenders be frozen.

The 5¾% senior notes due 2021 improved by ½ point to close at 21½ bid. The 6¼% senior notes due 2024 shot up 3¼ points to close at 12¾ bid.

Just before the close on Tuesday, news broke that a temporary court order was granted to freeze $175 million that was mistakenly distributed to one of the New York-based cosmetics producers’ lenders.

Citigroup petitioned a court to authorize the freeze as part of its effort to recoup $900 million from Brigade Capital Management that it sent to lenders in what it describes as a “clerical error.”

The bank filed the lawsuit on Monday, having recouped a partial amount of the funds.

Meanwhile, Antero Resources Corp.’s paper diverged as it prepared to issue six-year convertible notes.

The 5 5/8% senior notes due 2023 rose 1 point to close at 77¾ bid. The 5% senior paper due 2025 shed 1¼ points to close at 68¾ bid.

Early Tuesday, the Denver-based independent oil and gas producer announced plans to price $250 million of six-year convertibles.

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