Penn Virginia numbers miss, bonds mixed; iHeartMedia rallies on possible asset sale news

By Stephanie N. Rotondo

Seattle, Nov. 10 – It was a mixed day for distressed debt on Tuesday as the market prepared to be closed for Veterans Day.

Following the trend of the day, Penn Virginia Corp. bonds were mixed in the wake of the company’s latest quarterly results.

Some iHeartMedia Inc. issues “bounced back” after falling since last week’s earnings release. A trader said the gain was due to news of possible asset sales in the United States.

Meanwhile, FMG Resources was “better by a few points,” according to a trader. The gains came after the company announced a tender offer for its 8¼% senior notes due 2019 and 6 7/8% senior notes due 2022.

Penn Virginia reported earnings after the market closed Monday. Come Tuesday, traders gave mixed reviews on the bonds’ performance.

One trader said the 8½% notes due 2020 gained a deuce, closing at 82½. However, he saw the 7¼% notes due 2019 falling a point to 27¾.

A second trader said the name was “active, but kind of unchanged. He pegged the 7¼% notes in a 28½ to 29 context.

A trader said iHeartMedia’s 10% notes due 2018 “rallied” from the mid-30s to 39 bid, 40 offered on Tuesday following reports the company’s Clear Channel Outdoor unit was considering selling some of its U.S. billboard assets.

© 2015 Prospect News.
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