Talen trades up as tender, term loan announced; E&P’s up on oil; Valeant, Concordia gain

By Colin Hanner

Chicago, March 30 – The distressed market was generally higher on Thursday, a trader said, as oil and related bonds continued to rise higher for the third straight session.

“The general theme [in the distressed market] was up,” a trader said.

In energy, Allentown, Pa.-based energy and power generation company Talen Energy Corp. saw gains across the board on news that it began a tender offer for nearly $1 billion principal amount of three series of its notes.

In the exploration and production sector, California Resources Corp. continued to lead as most-active in the distressed E&P space, though mostly long-term bonds from Noble Holding International Corp., Parker Drilling Co. and Ensco plc followed with several-point gains of their own.

In health care, Franklin, Tenn.-based hospital operator Community Health Systems Inc. was up after a downturn on Wednesday, and Canadian pharmaceutical company Valeant Pharmaceuticals International, Inc. was firmer after the company announced it had extended the maturity date of some of its term loans.

Retailer Neiman Marcus Group Inc. was higher in an issue and flat in another, iHeartCommunications, Inc. was a touch higher and Frontier Communications Corp. was up several points.

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