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Rite Aid notes rise on earnings report, debt reduction; Community Health paper mixed
By James McCandless
San Antonio, Sept. 27 – Retail names came back into view for distressed debt traders as the end of the week approached.
Rite Aid Corp.’s notes rose after a mixed earnings report, coupled with a debt reduction announcement and a board shuffle.
The 7.7% notes due 2027 gained ½ point to close at 80½ bid. The 6 1/8% notes due 2023 rose 1¾ points to close at 92½ bid.
Meanwhile, Fresh Market Inc., a grocer, saw its notes gain for a second day following the release of its earnings late Tuesday. Retail peer Sears Holdings Corp.’s issues were mixed amid reports that CEO Eddie Lampert’s investment firm would rake in $1 billion from a restructuring plan proposed on Monday.
In the medical space, Community Health Systems, Inc.’s notes were mixed as a subsidiary was handed a ratings downgrade from Moody’s Investors Service. The move was in response to reports that another subsidiary would pay $260 million to the Department of Justice to settle criminal charges.
The 6 7/8% notes due 2022 remained level a 57½ bid. The 6¼% notes due 2023 lost ¼ point to close at 95¼ bid.
Meanwhile, an uptick in oil futures led to bellwether oil tranches largely gaining, namely from Sanchez Energy Corp. and California Resources Corp.
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