Adient gains as company starts debt offerings; Dean Foods drops amid buyout speculation

By James McCandless

San Antonio, April 15 – Distressed debt trading was driven by fresh news to start a new week Monday.

Adient plc’s notes were higher as the company begins $1.5 billion in new debt financing and released preliminary second-quarter results.

Dairy producer Dean Foods Co.’s issues fell amid market speculation that a Canadian dairy name is considering buying the company.

In the energy space, Bristow Group Inc.’s paper fell before announcing a strategic alternatives review and warning that it would skip an imminent interest payment.

Negative oil futures spurred similar movements for Ensco Rowan plc’s, California Resources Corp.’s and Alta Mesa Resources, Inc.’s notes.

Utilities name PG&E Corp.’s notes improved.

Meanwhile, in telecom, Frontier Communications Corp.’s paper rose while Intelsat SA’s note declined.

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