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Murray Energy bonds remain in play, better; Windstream rise starts to slow
By Stephanie N. Rotondo
Seattle, Oct. 3 – Recently topical distressed debt names continued to be in focus in Tuesday trading.
Murray Energy Corp.’s 11¼% notes due 2021 were “pretty active,” though perhaps less so than the last couple of sessions, a trader said.
The bonds also continued to gain ground, rising “almost a point” to 62¾.
Another trader said the debt “traded up again” to 63.
On Friday, Murray became topical after the DoE released a proposal aimed at preventing additional premature closures of certain power generating facilities – such as what happened to FirstEnergy Corp. earlier this year.
While Murray is not itself a power producer, it is a coal mining company, FirstEnergy happens to be one of its biggest customers.
Meanwhile, Windstream Holdings Inc. – another name that has been rather busy of late – was unchanged to better on the day.
At one shop, a trader said the 7¾% notes due 2021 were steady at 75½. Another market source pegged the 6 3/8% notes due 2023 at 75½ as well, up a point.
Last week, Windstream was slapped with a default notice from Aurelius Capital, a holder of more than 25% of the 6 3/8% notes. Aurelius alleged that a transfer of assets, as well as other activities surrounding the spin-off of what would become Uniti Group, was a violation of the indenture, or a default.
However, the company is denying that a default occurred.
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