A $30 million piece of Oneida was sold this week around the 82 1/2 range. The paper also traded in the low 80s about a month ago. It was unclear why the paper changed hands this week. But the company did announce on Monday that it had obtained further extensions to waivers it received from covenant violations until June 15. The company also received an additional wavier. J.P. Morgan is the agent for the credit. Calls to an Oneida spokesman were not returned by press time.
Calpine Corp.'s bank debt softened earlier in the week on news that Duke Energy Corp. will sell its southeast merchant power assets to a unit owned by MatlinPatterson Global Opportunities Partners II. Traders said Calpine paper weakened because the sale valuation came in slightly lower than some expected. Calpine's second-lien loan slipped as low as the 91 1/2 range before rebounding to the 92-93 context. Rick Barraza, Calpine’s v.p. of investor relations, did not return calls by press time.