Community Health slides as offering in works; PetSmart mixed on lawsuit against loan agent

By James McCandless

San Antonio, June 27 – Activity in the distressed debt market was driven by names with news surrounding them on Wednesday, while the rest of the market remained muted.

Community Health Systems, Inc. notes declined as the company prepares an offering of $1.027 billion of senior secured notes due 2024.

PetSmart, Inc. issues were mixed as the company files a lawsuit against loan agent Citigroup for not releasing liens tied to a recent contentious asset transfer concerning internet arm Chewy.com.

Frontier Communications Corp. paper declined. Last Thursday, the company announced the resignation of its chief financial officer.

Intelsat SA notes fell. The company announced recently that it would buy back its 7¾% notes due 2021.

PHI, Inc.’s issues rose. The company recently announced a cash tender offer for its 5¼% notes due 2019.

Hexion, Inc. paper continued to see above average volume despite no news driving it.

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