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Hexion sell-off continues; Acosta dips; Simmons Food eyed; Tesla jumps
By Abigail W. Adams
Portland, Me., Oct. 25 – Hexion Inc. remained in focus in the distressed debt space with its first and second lien issues continuing their downward spiral as creditors gear up for a fight and the chemical sector in general remains under pressure.
Acosta, Inc.’s 7¾% senior notes due 2022 dipped slightly in active trading although no news appeared to be connected to the movement.
Distressed debt players were eyeing Simmons Foods Inc.’s 5¾% senior notes due 2024. While firming on Thursday, the notes dropped to a new low after missing their numbers.
Tesla Inc.’s 5.3% senior notes due 2025 were major volume movers with the notes jumping 2½ points after the electric car manufacturer crushed analyst expectations in its third-quarter report.
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