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Cooper-Standard lower on week; WeWork softens; Diamond Sports secured notes improve
By Cristal Cody
Tupelo, Miss., Feb. 18 – Cooper-Standard Automotive Inc.’s paper waded into the distressed space with the company’s 5 5/8% senior notes due 2026 (Caa2/CCC) up 1½ points on Friday but 6¾ points softer on the week following a weak earnings report.
Cooper-Standard’s 5 5/8% senior notes due 2026 (Caa2/CCC) improved 1½ points to 68¼ bid with over $5 million of issues traded on Friday, a source said.
WeWork Cos. LLC’s paper also was soft with the 7 7/8% senior notes due 2025 (CCC+/CCC-) flat over the day but about 1¼ points softer on the week at under the 88½ bid area, according to a market source.
WeWork, along with Cooper-Standard, are listed among the largest and most distressed junk names, according to a BofA Securities, Inc. note on Friday.
Meanwhile, Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (Caa1/CCC) gained 1¼ points to 41¼ bid during the session after softening midweek following the kick-off of the company’s exchange offer for the issue.
Secondary action was steady with $3 million of notes traded, a source said.
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