Windstream mixed on note exchange; Talen Energy Supply up despite ratings downgrade

By James McCandless

San Antonio, June 18 – The beginning of the week in the distressed debt market saw pockets of activity in volume stalwarts and news-driven names.

Windstream Holdings, Inc. notes were mixed on Monday after the company announced that it would issue new second-lien notes in exchange offers for multiple series of existing notes.

Talen Energy Supply, LLC issues gained despite a ratings downgrade from Moody’s Investors Service.

PHI, Inc. paper was heavily traded but level. Last Friday, the company announced a cash tender offer for the $500 million in outstanding 5¼% senior notes due 2019.

Intelsat SA notes were mixed. Last Monday, the company announced that it would buy back its 7¾% notes due 2021. Frontier Communications Corp. issues were mixed after a recent failed auction for its Florida assets. PetSmart, Inc. paper declined amid a spat with creditors.

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