Intelsat lower on restructuring; Washington Prime falls on missed payment; Transocean up

By Cristal Cody

Tupelo, Miss., Feb. 16 – Intelsat Jackson Holdings SA’s bonds softened in heavy trading on Tuesday in the first session after the company announced it reached a restructuring plan that would cut its debt by more than half.

The company’s 8½% senior notes due 2024 fell to 63¾ bid from where the notes traded Friday at 66½ to 68 bid, a source said. The issue traded at the start of February at 73 bid.

Intelsat Jackson’s 5½% senior notes due 2023 were seen early Tuesday at 64½ bid before softening to 62¼ bid by late afternoon.

Also on Tuesday, Intelsat Jackson’s 9¾% senior notes due 2025 dropped 5½ points from Friday to trade at 63½ bid.

In other distressed secondary trading on Tuesday, Washington Prime Group, LP’s 6.45% notes due 2024 (C/C/) fell 9¼ points to 63¾ bid on trading volume of more than $21 million, a source said.

Washington Prime Group, Inc. announced in an 8-K filing with the Securities and Exchange Commission on Tuesday that the operating partnership “elected to withhold an interest payment of $23.2 million” with respect to the senior notes due 2024.

In the energy space, offshore driller Transocean Inc.’s paper was mostly higher on the day, a source said.

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