Forest Oil Bonds Rise After Shareholders Approve Merger
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Forest Oil Corp. bonds jumped to the highest level in three months after its shareholders approved a merger with First Reserve Corp.’s Sabine Oil & Gas LLC.
The natural gas and oil producer’s $577.9 million of 7.25 percent notes maturing June 2019 jumped 2.9 cents to 98.6 cents on the dollar at 1:01 p.m. in New York to yield 7.61 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. That would be the highest closing level since Aug. 11.