Monday, February 29, 2016

Distressed Bond Update: $BTU $EXXI $LINE

  • EXXI the 3% holdco note traded FLAT at 0.60 today. The other unsecured debt trading around 3 cents. Market does not seem to be expecting them to make the interest payments at the end of the 30 day grace period. Also, they have suspended payment on the preferred and have received a NASDAQ notice of deficiency.
  • LINE debt is trading for 5 cents or less, with current yields getting up close to 200%!
  • The BTU 4.75% subordinated note traded at 1.6 cents, a current yield of close to 300%! The other unsecured debt (with higher coupons) is trading for around 3 cents.

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