SM Energy notes eyed as exchange amended; Tupperware Brands dips amid tender offer

By James McCandless

San Antonio, June 1 – The distressed debt market started the week with a focus on energy and retail names.

SM Energy Co.’s notes varied in direction after the company announced amendments to its exchange offers for five series of notes.

The 5 5/8% senior notes due 2025 gained 1½ points to close at 52½ bid. The 6 5/8% senior notes due 2027 shed 1 point to close at 50¼ bid.

On Monday morning, the Houston-based independent oil and gas producer said it amended its previously announced exchange offers after reaching an agreement with some holders of the existing notes, Prospect News reported.

The company is now offering to exchange five series of existing notes for newly issued 10% senior secured notes due 2025.

Also, the company reached an agreement with some holders of the old notes to privately issue $213.5 million of new 10% notes due 2025 in exchange for $316.4 million of old notes.

“Seems like they’re sweetening the pot to get the exchange done,” a trader said.

Meanwhile, multi-level marketer Tupperware Brands Corp.’s issues declined by the close amid a cash tender offer.

The 4¾% senior notes due 2021 gave back 2¾ points to close at 40¾ bid.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.