| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for Intelsat SA > News item |
Plummeting oil brings California Resources, others down; Community Health, Valeant down
By Colin Hanner
Chicago, March 8 – The sudden plunge of oil led to the drop of several distressed exploration and production companies on Wednesday, traders said, and several issues active on Tuesday’s session followed up with movement yet again.
The sudden plunge in oil futures – the worst such decrease in more than a year – comes after the U.S. Energy Information Administration said Wednesday that domestic stockpiles increased by 8.2 million barrels last week, a more-than fourfold increase, according to various market analysts’ expectations.
California Resources Corp. and offshore driller Noble Holdings International Ltd. experienced several multi-point decreases on the day in response, traders said, as did several other E&P names.
“Generically speaking, most energy names were down” on the session, a trader said.
Undoubtedly the biggest deal coming out of Tuesday’s high-yield session was Community Health Systems, Inc.’s upsized $2.2 billion of six-year secured notes, though existing senior notes of the Franklin, Tenn.-based hospital group traded off on Wednesday, a trader said.
“Existing notes were down, but the market was heavy in general,” a trader said.
Valeant Pharmaceuticals International, Inc. completed a tender offer on Tuesday for $600 million of its 6¾% senior notes due 2018, and on Wednesday existing notes continued their second consecutive session of losses.
Intelsat SA built on gains across its subsidiaries, especially in Intelsat Luxembourg Holdings SA. After taking a breather Monday, the past two sessions have racked up multi-point sessions for the satellite telecommunications company.
© 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.