Intelsat rises as company joins FCC plan; Hertz notes trade higher on economic hopes

By James McCandless

San Antonio, May 27 – During Wednesday’s distressed debt activity, the market focused in on the telecom and travel industries.

Intelsat SA’s notes were on the rise after the company announced it was participating in a C-band clearing plan.

Intelsat Jackson Holdings SA’s 5½% senior notes due 2023 picked up ½ point to close at 55 bid. The 9½% senior notes due 2023 improved by ¼ point to close at 26 bid.

After the close on Wednesday, the Luxembourg-based satellite operator announced that it decided to participate in the Federal Communications Commission’s accelerated C-band clearing plan.

The move designates certain airwaves that the company will offer up at an FCC auction scheduled to take place in December.

The company is set to receive about $4.85 billion in revenue from the auction.

Meanwhile, vehicle rental name Hertz Global Holdings, Inc.’s paper was pushed higher on market hopes of a speedy economic recovery.

The 6¼% senior notes due 2022 added ¾ point to close at 16½ bid. The 5½% senior paper due 2024 gained 1¼ points to close at 16¾ bid.

The Estero, Fla.-based car rental company’s structure was pushed higher during the Wednesday session on increasing market optimism for a speedy economic recovery.

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