Distressed oil and gas bonds up with crude prices; iHeart pressured; Guitar Center firms

By Stephanie N. Rotondo

Seattle, Sept. 13 – A gain in domestic crude oil prices helped distressed oil and gas producers’ debt move higher in midweek trading.

For its part, the gain in crude prices was attributed to reports that global demand was growing, which in turn was helping to tighten the market.

Meanwhile, iHeartCommunications Inc.’s bonds “continue to feel weak,” a trader said.

Though he noted that there was no fresh news in the name, he speculated that the market was growing impatient with the company’s restructuring efforts.

As previously reported, iHeart is in the process of a private exchange offer for five series of priority guarantee notes and senior notes due 2021 and its term loan D and term loan E facilities. The company first launched the exchange in April.

Guitar Center Inc. was another name on the radar. Traders said the retailer’s bonds continued to show improvement.

One trader said that he believed the company just released its quarterly results. However, as the company is private, those figures are not available to the public.

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