CommScope paper recovers some losses; Level 3, Lumen volatile; Spirit Airlines higher

By Cristal Cody

Tupelo, Miss., Nov. 2 – Distressed paper saw some of the day’s heaviest secondary action, market sources reported.

CommScope Holding Co., Inc.’s notes rallied 4½ points to over 9 points on more than $60 million of volume on Thursday.

The 8¼% senior notes due 2027 (Caa1/CCC+) climbed more than 9¼ points to 48¼ bid on $19.38 million of trading.

CommScope Technologies LLC’s 6% senior notes due 2025 (Caa1/CCC+) traded over 5 points higher at just under 73 bid on $19 million-plus of secondary action on Thursday, a source reported.

Level 3 Financing, Inc.’s and parent Lumen Technologies, Inc.’s paper stayed volatile on Thursday on the heels of the company’s third-quarter losses and other announcements, including debt exchange plans this week.

The 4 5/8% senior notes due 2027 (B3/CCC+/B) dropped 3 points to 58 bid on more than $36 million of notes changing hands, a source said.

Lumen’s 4% senior secured notes due 2027 (Caa2/B/B-) were down about 6 points on a 53 bid handle on $6.25 million of trading.

In other distressed paper, Spirit Airlines Inc.’s 8% senior secured notes due 2025 (Ba3//BB) rallied 5 points to head out at 70½ bid, a source said Thursday.

The issue was among the day’s most active bonds on $22.5 million of volume.

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