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Distressed debt finishes week ‘sideways’; Intelsat stays busy as tender results revealed
By Stephanie N. Rotondo
Seattle, July 15 – After running up for most of the week, the distressed debt market ended Friday “kind of sideways,” a trader said.
The trader noted the “huge inflow into high yield” over the course of the week, which he said “explains the strength and the one-way flow.”
The trader also remarked that investors were more interested in new issues than in distressed names.
Intelsat SA’s Intelsat Jackson Holdings SA unit bonds “remain pretty active,” a trader reported. The 8% notes due 2024 – a $1.25 billion issue priced March 21 – have been particularly busy, he said, which continued into Friday trading.
However, he said the paper was unchanged in a 90½ to 91 context.
As for the 7¼% notes due 2019, those were about half a point weaker at 69½, he said.
The Luxembourg-based commercial satellite services provider said on Friday that it was buying back $673.45 million of the 6 5/8% notes due 2022 via its oversubscribed tender.
The tender – first announced in May – was originally for up to $625 million of three series of Jackson-linked notes, though that was later reduced to $463 million. The offer was extended – and pricing reduced – a couple of times before expiring Thursday.
Nearly $758 million of the $815.25 million of 6 5/8% notes were tendered by the end of the deal. Not all notes were accepted, however, nor were any of the 5½% notes due 2023 or 7½% notes due 2021.
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