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Intelsat rises as new issue prices; Mallinckrodt slumps in settlement reaction
By James McCandless
San Antonio, June 6 – As the week headed towards its end, the distressed market was focused on telecom and pharmaceutical names.
Intelsat SA’s notes were rising on Thursday as a subsidiary prepared an offering of six-year senior notes.
Sector peer Frontier Communications Corp.’s issues also improved.
Elsewhere, in the pharma space, Mallinckrodt plc’s paper declined as the market reacts to news of a settlement between it and the U.S. Department of Justice.
Teva Pharmaceutical Industries Ltd., another drugmaker, saw its notes climb.
Auto name Tenneco Inc.’s issues gained despite a Wednesday ratings downgrade.
In energy, California Resources Corp.’s and Chesapeake Energy Corp.’s paper rose with oil futures as Weatherford International plc’s notes moved down.
Meanwhile, in retail, L Brands, Inc.’s issues slid lower a day after starting a tender offer and pricing new notes.
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