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Dean Foods lower after CFO departure; Diamond Offshore down amid ratings downgrade
By James McCandless
San Antonio, Sept. 25 – The distressed debt space spent Wednesday’s session with trading focused on newsmakers.
Dean Foods Co.’s notes moved lower after announcing that its chief financial officer has resigned.
The 6½% senior notes due 2023 fell 3 points to close at 49 bid.
About $37 million of the notes were on the tape by the close.
After the close on Tuesday, the Dallas-based dairy products producer announced that CFO Jody Macedonio had resigned from her position effective immediately.
The company said that the departure was not related to any financial issues.
Senior vice president Gary Rahlfs has been appointed interim CFO until a permanent replacement can be named.
In energy, Diamond Offshore Drilling, Inc.’s issues were headed downward after receiving a ratings downgrade.
The 7 7/8% senior notes due 2025 dropped 6¼ points to close at 85¾ bid. The 5.2% senior notes due 2025 lost 1¾ points to close at 59½ bid.
On Wednesday, S&P Global Ratings issued a downgrade for the Houston-based contract driller.
The agency lowered its senior unsecured debt rating, citing weak operating margins that have the potential to persist for one to two years.
Sector peer Valaris plc’s paper also declined on a downgrade of its ratings.
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