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Rite Aid up as exchange offer starts; Range Resources better on drilling, dividend news
By James McCandless
San Antonio, Jan. 7 – Tuesday’s distressed debt activity centered on shifts in retail and energy names.
Rite Aid Corp.’s notes gained after the company started an exchange offer for its 2023 senior tranches.
The 6 1/8% senior notes due 2023 improved by 1¼ points to close at 91¾ bid.
By the close, the notes saw about $27 million changing hands.
On Tuesday, the Camp Hill, Pa.-based drug store chain commenced an offer to exchange up to $600 million of its outstanding $1,753,490,000 6 1/8% notes for newly issued 7½% senior secured notes due 2025, Prospect News reported.
The offering is meant to extend the maturity date of a portion of the old notes to July 2025 from April 2023.
Meanwhile, oil and gas producer Range Resources Corp.’s paper saw a bump after announcing cuts to its drilling budget and dividend.
The 4 7/8% senior notes due 2025 gained 2½ points to close at 88 bid.
The Fort Worth, Tex.-based independent oil and gas producer announced early Tuesday morning that it will reduce the amount it plans to spend on drilling in 2020 by 29%.
It also said that it would be suspending its dividend, hoping to save about $20 million from the measure.
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