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Acosta plummets after earnings release; Sears notes mixed as market digests results
By James McCandless
San Antonio, Sept. 17 – A new week in distressed debt trading kicked off with familiar names dominating volume.
Acosta, Inc.’s notes plummeted after the private company released its second-quarter earnings on Monday.
The 7¼% notes due 2022 dropped 15 points to close at 29 bid.
The privately held company issued its second-quarter earnings on Monday, leading to the drop.
“From what I’ve seen, the numbers are pretty bad,” a trader said. “They’ve got a big hill to climb, in terms of the bonds.”
Sears Holdings Corp.’s paper closed mixed on Monday as the market continues to react to the late Thursday release of its second-quarter earnings report.
The 6 5/8% notes due 2018 rose about 3 points to close at 95 bid. The 8% notes due 2019 lost 1¾ points to close at 37¾ bid.
Windstream Holdings, Inc.’s paper was flat to higher. Last week, its CEO outlined the company’s plan to refinance its revolving credit facility and a term loan.
The 7¾% paper due 2021 was level at around 62½ bid. The 7½% paper due 2022 jumped up 11½ points to close at 58 bid. The 6 3/8% paper due 2023 rose about 2¼ points to close at around 47¼ bid.
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