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Rite Aid paper rallies; CommScope notes erode; QVC paper moves up; Carvana lower
By Cristal Cody
Tupelo, Miss., Aug. 4 – Rite Aid Corp.’s paper climbed on Friday in strong secondary action that put the drugstore chain’s distressed paper among the most active junk bonds traded during the session.
Rite Aid’s 8% senior secured notes due 2026 (Caa3/CCC-/B) rallied 2 1/8 points to 54 7/8 bid on $15 million of volume, a source said.
Bonds from Rite Aid and CommScope Holding Co., Inc. saw the heaviest interest in the distressed secondary market during the session, sources reported.
CommScope’s notes slipped further on Friday and were trading about 10 points lower from midweek before it released its second-quarter results.
The 8¼% senior notes due 2027 (Caa1/CCC+) were off 5/8 point at 63 3/8 bid on $11 million of trading, a source said.
In other distressed retail paper, QVC Inc.’s notes rallied more than 1 point to 4 points, but trading was light, according to a market source.
The 4 3/8% senior secured notes due 2028 (B2/B-) jumped 3 points to 57 bid on $1 million of volume.
Meanwhile on Friday, Carvana Co.’s 10¼% senior notes due 2030 (Ca/C) slid 7 points to 75 bid in light volume totaling $3 million, a source said.
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