An oil-and-gas engineering company whose bonds have been trading at distressed prices took investors on a wild ride Monday. The swings made McDermott’s $1.3 billion bond due 2024 the most actively traded high-yield securities of the day, with about $192 million changing hands, according to data from MarketAxess. The Houston-based company’s stock and bonds dropped sharply in September after McDermott hired restructuring advisers and loan and bond investors followed suit. A spokesman for McDermott, which builds infrastructure for oil-and-gas producers, declined to comment about the market movement. The refinancing will be disbursed in four tranches with $650 million immediately available and the balance disbursed if McDermott fulfills certain conditions, according to the company statement.

Source: Wall Street Journal October 21, 2019 19:04 UTC