Existing Intelsat issues down; E&P falls as oil enters bear market; Valeant changes course

By Colin Hanner

Chicago, June 20 – Tuesday trading was generally confined to the buzz in and around Intelsat Jackson Holdings SA’s new $1.5 billion sale of eight-year senior notes, which came to market on Monday, as well as oil companies in the distressed debt market, a market source said.

Exiting Intelsat issues traded off on the day, a sharp contrast to the past few surging sessions.

In the distressed exploration and production space, “the usual suspects were the hardest hit,” a market source said.

California Resources Corp., EP Energy Corp. and Pacific Drilling Co. were just a handful of the many that got hit by falling oil prices on Tuesday, the first time that commodity has entered a bear market this year.

Valeant Pharmaceuticals International Inc. fell after bonds rose on Monday with the arrival of John Paulson to its board of directors, grocery retailer Fresh Market Inc. was fractionally higher after a downtick on Monday and iHeartCommunications, Inc. was lower on the session.

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