Navios, NGL, Chesapeake, distressed energy names improve; Endo, Frontier bonds soften

By Cristal Cody

Tupelo, Miss., Jan. 11 – Distressed energy bonds traded mostly better on Monday and continued gains made at the start of the year even as oil prices stalled.

Petroleum tanker transporter Navios Maritime Acquisition’s 8 1/8% first priority ship mortgage notes due 2021 (B3/B-) climbed 1¾ points to 72 bid, a source said.

NGL Energy Partners LP’s 6 1/8% notes due 2025 headed up 1 point on the day to 71½ bid.

The 11% notes due 2024 from oilfield servicer Weatherford International LLC, which emerged from bankruptcy in December 2019, gained 1 point to 82½ bid during the session.

Also, Chesapeake Energy Corp.’s bonds improved on reports of a higher value for the company, sources said.

The company’s 8% notes due 2025 climbed 1½ points to 7 bid on Monday, improved from where the issue traded at 4½ bid as December closed.

Chesapeake plans to eliminate about $7 billion of debt under its Chapter 11 bankruptcy reorganization.

Meanwhile, some distressed issues were softer on the day, market sources report.

Endo Finance LLC’s 6% notes due 2028 fell ½ point to 87½ bid.

Frontier Communications Corp.’s 7 5/8% notes due 2024 gave back ¼ point during Monday’s session to trade at 53½ bid.

The notes were quoted Friday up ¾ point at 53¾ 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.