Energy names firm as oil prices continue gains; Hertz brakes slide seen on Tuesday

By Paul Deckelman

New York, April 5 – With oil priced on the rise for a second consecutive session on Wednesday, traders in distressed debt said that oil and natural gas names such as California Resources Corp., Southwestern Energy Co., MEG Energy and Denbury Resources Inc. were all seen firmer on the day.

The existing bonds of Ultra Petroleum Corp. – currently shopping a big new deal around as part of its bankruptcy reorganization – moved up smartly on the day.

That firmness in the oil and gas sector extended into the contract-drilling space, with better levels seen for the likes of Noble Holdings International and Ensco plc.

However, that strength did not extend to Pacific Drilling SA, whose notes were off.

Away from the energy arena, traders saw vehicle-rental giant Hertz Global Holdings Inc.’s bonds put the brakes on the sharp slide on active volume seen on Tuesday.

Elsewhere, healthcare names remained in flux, particularly drugmakers such as Valeant Pharmaceuticals International, Inc. and Concordia International Corp.

Traders saw firmer levels in retailer Neiman Marcus Group’s paper.

Communications satellite operator Intelsat SA’s various notes were mixed.

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