PetSmart up as Chewy valuation increases; Teva rises in pharma space

By James McCandless

San Antonio, June 4 – Tuesday’s distressed debt session saw attention paid to retail and pharmaceutical names.

PetSmart, Inc.’s notes were moving higher after the company pegged the value of e-commerce segment Chewy.com at $7 billion before an initial public offering.

Sector peer Neiman Marcus Group, Inc.’s issues were also improving.

Drugmaker Teva Pharmaceutical Industries Ltd.’s paper was on the rise as the market weighs its future liabilities as Mallinckrodt plc’s notes also gained.

Meanwhile, in shipping, Navios Maritime Holdings Inc.’s issues were on the rise after a subsidiary started a senior secured notes offering.

As oil futures improved, Comstock Resources, Inc.’s paper declined, Ensco Rowan plc’s notes rose and Denbury Resources, Inc.’s issues finished mixed.

Telecom name Frontier Communications Corp.’s paper ended the day better.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.