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iHeart trades higher after exchange extended; E&P lower after OPEC deal; Dynegy sideways
By Colin Hanner
Chicago, May 25 The distressed debt market was winding down ahead of the holiday weekend, a market source said, with activity trending toward similar issues seen in the past few sessions. Focus was on new issues in the high-yield market, particularly NOVA Chemicals Corp.s $2.1 billion two-tranche deal.
Its getting sleepier heading into the weekend, a market source said.
Seeing mild gains it had been trending higher in the past few sessions iHeartCommunications, Inc. saw yet another extension on an exchange deadline for several of its notes and term loans and responded positively.
The exploration and production sector was off with the price of oil, which pared the gains of the last few sessions as the Organization of Petroleum Exporting Countries settled on a deal to extend the production cuts, though did not plan on changing the production limits.
California Resources Corp. and Denbury Resources Inc. were both more than a point lower on the session.
Dynegy Inc. remained active, but was sideways on the session, and volume dropped off immensely for GenOn Energy Inc., which had been moving in both directions due to a PJM Interconnection Capacity Auction on Tuesday, as well as a restructuring agreement reached that same day.
Intelsat SAs subsidiaries continued to move higher on the day, mirroring similar gains to Wednesday.
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