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Intelsat lower as industry urges regulatory action; Pacific Drilling down on arbitration
By James McCandless
San Antonio, Jan. 15 – Wednesday’s distressed debt session saw activity spurred by developments in the telecom and energy industries.
Intelsat SA’s notes headed lower throughout the day as the C-Band Alliance urged speed from the Federal Communications Commission concerning 5G transition.
Intelsat Jackson Holdings SA’s 9¾% senior notes due 2025 shaved off ¾ point to close at 93½ bid. Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 lost 2¾ points to close at 62¼ bid.
On Tuesday, the Luxembourg-based satellite operator, as part of the C-Band Alliance, urged the FCC to accelerate the transition process of transitioning C-band usage from satellite transmissions to 5G mobile.
The group argued that continued delay in the process is detrimental to economic growth, namely a potential loss of up to $50 billion in consumer surplus.
Meanwhile, in oil and gas, Pacific Drilling SA’s paper shifted downward after the company landed on the wrong side of an arbitration decision.
The 8 3/8% paper due 2023 shed 2¾ points to close at 88¾ bid. The 12% paper due 2024 crashed 14¼ points to close at 49 bid.
News broke on Wednesday that the Houston-based offshore driller lost an arbitration tribunal to Samsung Heavy Industries to the tune of $320 million.
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