DISTRESSED DAILY: Laredo Bond Sale Follows Oil’s Huge Turnaround

Laredo Petroleum is the latest formerly distressed oil and gas company to regain capital markets access after a quick reversal of fortune.

The Oklahoma-based energy company sold a $400 million 7.75% 8-year bond at par on Tuesday. Just nine months ago, Laredo had multiple obligations trading below 50 cents on the dollar.

The oil rally -- crude traded at its highest level since October 2018 on Tuesday -- has helped fuel a dramatic turnaround for companies like Laredo after dozens of industry peers were forced to file for bankruptcy when prices collapsed during the pandemic.

Now, Laredo appears to be ...