| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Caesars Entertainment Corp. > News item |
NewPage reportedly shopping for DIP, bonds gain; Clearwire softens on restructuring buzz
By Stephanie N. Rotondo
Portland, Ore., Aug. 25 - Distressed bonds were on a "rollercoaster" on Thursday, according to a trader.
Things were lifted in the morning, he said, but by the afternoon, most things were giving back at least a portion of the earlier gains.
"We were originally in the positive in the morning," said another distressed debt trader. "Then it was pretty much down most of the day."
NewPage Corp. got a late day boost on news the company was looking for a debtor-in-possession loan. Conversely, Clearwire Corp.'s debt began to be quoted lower on buzz the company was considering a restructuring.
Meanwhile, Caesars Entertainment Corp.'s bonds continued to be actively traded. Traders said the bonds gyrated with the broader market, managing to close barely better than the previous session.
The rest of the distressed market was mostly higher on the day, in line with the generally positive tone.
A trader said Clear Channel Communications Inc.'s 11% notes due 2016 "continued to drift." He said the paper "probably rebounded a couple points from the lows, but then it traded back down." He placed the notes around 62, down from an intraday high around 63 bid, 64 offered, but up from Wednesday closing levels of 61 bid, 62 offered.
Another trader said Hovnanian Enterprises Inc.'s 10 5/8% notes due 2016 closed a point better around 871/4.
At another shop, a trader said Capmark Financial Group Inc.'s bonds - which tend to trade on top of one another - finished the session around 541/2, while Nebraska Book Co. Inc.'s 8 5/8% notes due 2012 traded around 62, up from round-lot levels around 58 last week.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.