DISH mixed, 2024 notes slip; Frontera Energy, Plains lower; Lumen gains; Level 3 flat

By Cristal Cody

Tupelo, Miss., May 12 – Distressed secondary action slowed on Friday with DISH Network Corp.’s bonds among the most active issues.

DISH’s 5 7/8% senior notes due Nov. 15, 2024 (B3/B-) slipped 5/8 point to 81 7/8 bid in the strongest-traded tranche over the session, a source said.

Volume totaled more than $14 million.

Distressed energy bonds from issuers including Frontera Energy Corp. and Plains All American Pipeline, LP fell about 2½ points to 3½ points as crude oil prices declined on Friday, a source said.

Frontera’s 7 7/8% senior notes due 2028 (//B) were quoted down about 3½ points on a 70 handle.

Lumen Technologies, Inc. also stood out in the secondary market on Friday as one of the most active distressed names traded.

Lumen’s 4% senior secured notes due 2027 (B3/BB-) added 3/8 point on close to $10 million of secondary supply, a source said.

The notes were quoted at 67 1/8 bid.

Subsidiary Level 3 Financing, Inc.’s 3 7/8% senior notes due 2029 (B1/B) were mostly unchanged at the 57½ bid range on about $7 million of volume.

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