Cleveland-Cliffs notes gain after earnings beat; Revlon paper up as exchange extended

By James McCandless

San Antonio, Oct. 23 – At the end of the week, manufacturing and retail names took center stage in the distressed debt market.

Cleveland-Cliffs Inc.’s notes were seen gaining after the company reported better-than-expected third-quarter earnings.

The 5 7/8% senior notes due 2027 picked up 3 points to close at 97½ bid. The 8 7/8% senior notes due 2025 rose 1½ points to close at 115¾ bid.

About $19 million of the notes were on the tape.

Before the market opened on Friday, the Cleveland-based iron ore miner released its third-quarter earnings report.

The company reported earnings per share of 4 cents, better than the 18 cents per share loss that analysts had predicted.

Revenues also beat estimates at $1.65 billion.

The company attributed 73% of that revenue to an improving automotive sector.

Meanwhile, cosmetics producer Revlon, Inc.’s paper gained after extending the early tender deadline on an exchange offer.

The 5¾% senior notes due 2021 tacked on 1 point to close at 27¼ bid. The 6¼% senior notes due 2024 shifted up ½ point to close at 10½ bid.

The early tender deadline and withdrawal deadline were extended to 11:59 p.m. ET on Nov. 5 from 5 p.m. ET on Oct. 23.

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