Level 3 bonds mixed; CommScope up; Wheel Pros active; new issue bonds draw focus

By Cristal Cody

Tupelo, Miss., Sept. 29 – Level 3 Financing, Inc.’s notes sent off mixed signals on Friday with two tranches of B3/CCC+-rated paper nearly ½ point better or lower in heated trading over the afternoon before the issuer’s bonds went out mostly softer on the week.

Secondary supply moved past $24 million over the session.

The 3 5/8% senior notes due 2029 were quoted by the close at 55¾ bid, 56¾ offered, down from 56¾ bid, 57¾ offered on Thursday.

CommScope Holding Co., Inc.’s paper saw strong gains with the bonds up about 1½ points to nearly 2 points.

CommScope, Inc.’s 8¼% senior notes due 2027 (Caa1/CCC+) were nearly 1½ points better near the 65¾ bid range on $5.75 million of volume, a source said.

New junk paper attracted the bulk of high-yield secondary focus on Friday, sources reported.

“There’s not a heck of a lot to talk about,” a source noted of the day’s distressed trading. “It’s very quiet. Next Friday will be even quieter because of the three-day holiday weekend.”

Wheel Pros Inc. was among the companies counted among September’s defaults following its distressed debt restructuring a week ago.

The issuer’s 6½% senior notes due 2029 (C/CCC-) were moving in the secondary market on Friday at 33¾ bid on $4 million of volume, a source said.

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