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Spirit Airlines moves higher; Level 3 volatile; DISH up over session, soft in January
By Cristal Cody
Tupelo, Miss., Jan. 29 – Spirit Airlines Inc.’s 8% senior secured notes due 2025 neared their pre-court ruling levels on Monday in heavy trading totaling over $30 million following JetBlue Airways Corp.’s warning on Friday their merger could be called off on or after Sunday.
The notes traded as high as 2¼ points better at 66 bid on over $15 million of volume, a source said.
Level 3 Financing, Inc.’s bonds took back some of the extreme loses from Friday but overall supply was light with the bulk of distressed trading going to Spirit Airlines’ paper, a source said.
Level 3 Financing’s 4¼% notes due 2028 (B3/CCC+) rallied 14¼ points to 57¼ bid after sliding following parent Lumen Technologies, Inc.’s report of an amended transaction support agreement reached with a majority group of creditors.
The transaction could go another way, Fitch Ratings said in a report released Monday to Prospect News.
“The issuer is undergoing a large-scale restructuring with the outcome still pending,” Fitch noted.
DISH Network Corp.’s bonds improved as the paper tries to narrow the gap in losses made after new parent EchoStar Corp. announced plans to transfer collateral assets out of the company and conduct exchanges for convertible notes and junk bonds.
DISH DBS Corp.’s 7¾% notes due 2026 went out 1 point higher at 60¼ bid, a source said.
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