Worst Junk-Bond Bet Wipes Out Junior Lenders of KKR's Samson
- Blackstone, Oaktreee among bondholders hit hard in meltdown
- Unsecured notes lose 95% of their value as oil plunges
This article is for subscribers only.
Few investors in the beleaguered energy industry have suffered more this year than those who purchased Samson Resources Inc.’s bonds.
Owners of Samson’s $2.25 billion of unsecured notes maturing in February 2020 have seen the value of their investments shrink 95 percent in 2015 through Friday to half a cent on the dollar. That’s the worst performance among issues in the Bloomberg High-Yield Corporate Bond Index, which is up 0.5 percent.