PetSmart higher as earnings anticipated; Hexion mixed as company launches DIP term loan

By James McCandless

San Antonio, April 8 – A new week in distressed trading continued to focus on news-driven names.

PetSmart, Inc.’s notes moved higher as the market anticipated the release of earnings numbers from the private name.

Sector peer Bed Bath & Beyond, Inc.’s issues closed better.

Elsewhere, chemicals name Hexion Inc.’s paper was mixed as the company launched a $350 debtor-in-possession term loan.

Meanwhile, in oil and gas, Alta Mesa Resources, Inc.’s notes dropped before a company announcement about financial alternatives.

Rising oil futures gave way for similar improvements for California Resources Corp., Weatherford International plc and Denbury Resources Inc.’s issues.

In telecom, Intelsat SA and Frontier Communications Corp.’s paper was seen gaining.

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