Diamond Sports climbs; Frontier active; Intelsat mostly quiet; oil, gas bonds soften

By Cristal Cody

Tupelo, Miss., April 26 – Diamond Sports Group LLC’s bonds saw heavy trading in the distressed secondary market over Monday’s session.

The company’s 6 5/8% senior notes due 2027 (Caa2/CCC-) rose 2 3/8 points to 50 5/8 bid on more than $27.6 million of secondary volume as reports circulated of potential financing for the company, a source said.

Diamond Sports’ 5 3/8% senior secured notes due 2026 (B2/CCC+) also traded more than 1½ points better at 72 bid on over $14 million of secondary supply during the session.

Frontier Communications Corp.’s bonds continued to trade heavily on Monday as the company preps for its April 30 emergence from Chapter 11 bankruptcy.

Frontier’s 11% senior notes due 2025 climbed to 75¼ bid from 74½ bid on Friday.

Intelsat Jackson Holdings SA’s bonds were mostly quiet in the distressed secondary market on Monday as the company’s disclosure statement hearing was continued to May 27, a source said.

Intelsat Jackson’s 5½% senior notes due 2023 traded in thin volume near the 60 bid area, down about 1½ points from the start of the month.

In the oil and gas space, Moss Creek Resources Holdings Inc.’s 7½% senior notes due 2026 (Caa2/B) were quoted at 88¼ bid, down 1¾ points from the same day a week ago.

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