Ultra Petroleum notes mixed on exchange agreements; Hexion issues mixed

By James McCandless

San Antonio, Oct. 17 – The distressed space concentrated on news-driven names in Wednesday activity.

Two series of Ultra Petroleum Corp.’s notes were mixed after the company announced exchange agreements for the notes.

Despite a dip in oil futures, bellwether tranches of EP Energy Corp., California Resources Corp., and Sanchez Energy Corp. improved.

Hornbeck Offshore Services, Inc. paper was also better elsewhere in the sector.

In the chemical space, Hexion Inc.’s notes were mixed as second lien holders prepare for debt talks with the company.

Elsewhere, Intelsat SA’s notes were firmer in the telecom space while Frontier Communications Corp.’s issues declined.

Though retail names were not the focus of the day, L Brands, Inc. and J.C. Penney Co., Inc. paper received negative attention.

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