Washington Prime trades higher despite earnings; PG&E notes better after fine waived

By James McCandless

San Antonio, May 8 – As the week came to an end, the distressed debt market continued focus on names with earnings releases.

Washington Prime Group Inc.’s notes tracked higher despite the release of a largely negative first-quarter earnings report.

The 6.45% senior notes due 2024 added 1¾ points to close at 57¾ bid.

The Columbus, Ohio-based retail-focused real estate investment trust’s capital structure was positive despite the company reporting a predominately negative first-quarter earnings report after the close on Thursday.

The company reported a profit of 22 cents per share, lower than the expected 24 cents per share that analysts had expected.

Revenues were underwhelming at $152.6 million.

The company also reported that it had only collected about 30% of contractual rent for April due to the economic effects of the coronavirus pandemic.

Meanwhile, PG&E Corp.’s issues finished in a better position after news broke that state regulators waived a large fine.

The 6.05% senior notes due 2034 rose ¼ point to close at 112½ bid.

Late Thursday, news broke that California regulators had decided to waive a $200 million fine against the San Francisco-based bankrupt electric utility.

The fine was originally intended to serve as punishment for the company’s neglect of faulty equipment that sparked recent wildfires.

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