Distressed markets slow; iHeartMedia down several points; energy mixed on oil future rise

By Colin Hanner

Chicago, Dec. 16 – The holiday lull seemed to be in swing in the distressed markets on the last session of the week on Friday, as traders said there were no substantial movers in either direction.

“I’m stressing to find things that went on” in the distressed markets, a trader said, adding that focus in the high-yield arena was on new issue Tesoro Corp.

iHeartMedia Inc.’s most-active distressed notes were trading down “a good bit,” a trader said, capping off a week where the radio company decided not to repay $57.1 million of its 5½% senior notes due 2016.

iHeart’s 14% notes due 2021 were down 1½ points to 39 1/8, a trader said, adding that they were very active.

Another trader said the notes traded down “a good bit” to 39 from a previous handle of 41½, a 2½-point downswing.

The 10% notes due 2018 were trading off 2 points to 68 from 70, a trader said, while another trader quoted the notes down 1¾ point to a 68½ handle.

In the exploration and production sector, oil futures rose on the day and brought at least one sector-specific name up with them, though activity was rather muted.

California Resources Corp. saw a modest point gain, but Stone Energy Corp., which announced it made a pre-packaged Chapter 11 bankruptcy filing on Wednesday, was down, albeit marginally.

Valeant Pharmaceuticals International Inc., mixed after increased-volume trading on Thursday, was down for the second-straight session.

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