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DISH bonds down following funding reports; Carvana paper extends rally; iHeartMedia up
By Cristal Cody
Tupelo, Miss., June 9 – DISH Network Corp.’s bonds moved lower on Friday in strong trading with its higher-rated junk paper down about ½ point and its paper trading at distressed levels more than 3 points weaker on reports the company is struggling to raise cash to fund its 5G network.
DISH DBS Corp.’s 7¾% senior notes due 2026 (B3/B-) fell more than 3 points to a 57 bid handle on $10.78 million of volume, a source said.
The company’s stock was down 12% on the day.
Carvana Co.’s paper extended Thursday’s rally into Friday but in light trading, while its stock gave back some of the prior session’s gains after the company reported an improved second-quarter outlook.
Carvana’s 5 5/8% senior notes due 2025 (Caa2/CCC-) went out 3½ points better at 89½ bid on $6 million of trading, a source said.
Shares dropped 21%.
iHeartMedia, Inc.’s paper also remained stronger on Friday with the 8 3/8% senior notes due 2027 (Caa1/B-) 1¾ points better after gaining 2 points the previous day, a source said.
The 8 3/8% senior notes due 2027 (Caa1/B-) were quoted at 70¾ bid on $8.8 million of volume.
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