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Hertz notes in focus as lender deal struck; Extraction Oil paper gains in energy space
By James McCandless
San Antonio, July 21 – Distressed debt trading focused on the travel and energy sectors on Tuesday.
Hertz Global Holdings, Inc.’s notes varied in direction after the company struck a deal with lenders to settle a dispute over the company’s fleet of cars.
The 6¼% senior notes due 2022 added ½ point to close at 38½ bid. The 5½% senior notes due 2024 held level at 39½ bid.
On Tuesday, the Estero, Fla.-based car rental company said it has agreed to pay $650 million owed under a master lease agreement as part of a temporary resolution of disputes related to its lease rejection motion, Prospect News reported.
The deal settles a dispute with its creditors over how to handle the leases of about 500,000 car leases.
In the energy space, Extraction Oil & Gas, Inc.’s issues picked up steam as it won access to its debtor-in-possession financing.
The 7 3/8% senior notes due 2024 picked up 2¼ points to close at 22¼ bid.
During the Tuesday session, the Denver-based independent oil and gas producer obtained final court approval to access $125 million in DIP financing, Prospect News reported.
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