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NGL Energy, Transocean, Chesapeake Energy bonds decline; AMC notes extend rally
By Cristal Cody
Tupelo, Miss., Jan. 22 – Market tone softened on Friday with oil and drilling bonds down after the Biden administration suspended new oil and gas drilling permits on federal land for two months.
NGL Energy Partners LP’s bonds softened about 1 to 2 points on Friday but remained strong after rallying Thursday after the company announced a $2.05 billion offering of first-lien senior secured notes due 2026, a source said.
“They just opened a little bit softer and moved lower,” the source said Friday. “But they moved up quite a lot yesterday.”
NGL Energy’s 7½% senior notes due 2023 (Caa1/CCC+) traded late afternoon down 1 point at 92¾ bid.
On Thursday, the notes had climbed 11½ points to 93½ bid, up from 82 bid on Wednesday.
NGL’s 7½% senior notes due 2026 (Caa1/CCC+) declined more than 2 points to 80¼ bid on Friday.
Offshore driller Transocean Inc.’s 7½% notes due 2026 fell 1 point to trade at 53 bid.
Chesapeake Energy Corp.’s 7% senior notes due 2024 softened about ½ point on Friday to 4¾ bid, a source said.
Separately, AMC Entertainment Holdings, Inc.’s paper continued to see gains in the secondary market on Friday, sources said.
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