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Ensco, Rowan notes higher as merger consideration delayed; PG&E mixed amid volatile week
By James McCandless
San Antonio, Jan. 18 – The end of the week in the distressed debt space saw the market retain its focus on oil and other energy names.
Ensco plc and Rowan Cos. plc’s notes were both on the rise after the companies agreed to postpone finalizing a merger.
Ensco’s 7¾% notes due 2026 added ¾ point to close at 80¾ bid. The 4½% notes due 2024 gained 1 point to close at 73½ bid.
Elsewhere in the space, MEG Energy Corp.’s issues recovered slightly after entering freefall on Thursday in reaction to the cancellation of a takeover bid.
The 6 3/8% paper due 2023 shifted higher by ½ point to 87½ bid. The 7% paper due 2024 gained ¼ point to close at 87¾ bid.
Meanwhile, Ultra Petroleum Corp.’s paper saw a boost after winning an appeals court opinion against a group of creditors.
The 6 7/8% notes due 2022 shot up 8½ points to close at 44 bid. The 7 1/8% notes due 2025 added 1 point to close at 28 bid.
Weatherford International plc’s notes were also up.
In utilities, PG&E Corp.’s issues were better, capping off a week of heavy trading.
In telecom, Digicel Group Ltd.’s paper trended upward.
Sector peer Frontier Communications Corp.’s notes were also gaining while Intelsat SA’s issues were mixed.
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