Spirit Airlines posts strong gains; Enviva turns positive; CommScope little changed

By Cristal Cody

Tupelo, Miss., Nov. 20 – Spirit Airlines Inc.’s 8% senior secured notes due 2025 (B2) racked up the biggest gains seen in the distressed secondary market as the short holiday week opened.

The bonds climbed 4½ points on Monday to 74¾ bid on trading totaling nearly $10 million after Moody’s Investors Service downgraded the issuer, a source said.

Enviva Partners, LP’s 6½% senior notes due 2026 (Caa2/CC/CC) also gained 1½ points to head out at 45 bid on Monday in lighter trading totaling $4 million, a source said.

The bonds have declined more than 40 points over the past two weeks.

CommScope Holding Co., Inc.’s notes were mixed but little changed in mostly light trading after S&P Global Ratings lowered the company’s ratings.

The 6% senior notes due 2025 (Caa2/CCC-) traded up ¼ point to 78¾ bid on $4 million of secondary activity, a source said.

Meanwhile, CommScope, Inc.’s 8¼% senior notes due 2027 (Caa2/CCC-) fell ½ point to 46½ bid and a yield of 38.16% on $3.5 million of trading during the session.

The 7 1/8% senior notes due 2028 (Caa2/CCC-) were quoted with a 43 bid handle and yielding 30.9% on $3 million of volume on Monday.

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