Bond Price

Stone Energy Corporation's $7\mathrm{.}5\%$ bonds due in $2022$ were reported as selling for $77\mathrm{.}00.$ Were the bonds selling at a premium or at a discount? Why is Stone Energy Corporation able to sell its bonds at this price?

The bonds were selling at because the market rate of interest for similar quality bonds was than $7\mathrm{.}5\%.$