Gulfport Energy notes up despite ratings shift; Washington Prime gains in REIT space

By James McCandless

San Antonio, March 20 – The distressed debt market finished the week with continued turmoil as more attention was paid to energy and retail-focused names.

Gulfport Energy Corp.’s notes moved up despite a downward ratings shift as the oil and gas space sees a contraction.

The 6% senior notes due 2024 picked up 2 points to close at 22 bid.

The rise in the Oklahoma City-based independent oil and gas producer’s structure came despite S&P Global Ratings’ early Friday move to shift one of its ratings downward.

The agency lowered the company’s unsecured notes rating to CCC+ from B.

The move reflects its view of the name’s weaker-than-anticipated financial measures in the wake of a fall in natural gas prices, which hit $1.774 per mmBTU’s on Friday.

On Wednesday, news reports indicated that the company had hired Perella Weinberg Partners LP and Tudor, Pickering, Holt & Co. as restructuring advisers in its attempt to handle its $2 billion debt pile.

Meanwhile, REIT Washington Prime Group Inc.’s notes gained despite receiving a pair of ratings cuts.

The 6.45% senior notes due 2024 tacked on ¾ point to close at 61½ bid.

The gains come despite the Columbus, Ohio-based retail-focused real estate investment trust’s ratings being cut by Moody’s Investors Service and S&P.

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