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Spirit Airlines weaker on merger termination; DISH bonds mixed on refinancing efforts
By Abigail W. Adams
Portland, Me., March 4 – The broader market was flat on Monday with the market response to the slew of macro data released last week muted.
However, topical news kept several distressed debt credits moving.
Spirit Airlines Inc.’s senior notes were slightly weaker after JetBlue Airways Corp. and Spirit announced the official end of their merger agreement.
While lower, there was not heavy selling in the name with the market largely anticipating the results.
Spirit Airlines’ 8% senior secured notes due 2025 (Caa2) were down about 1 point to trade in the 72 to 73 context. The yield was about 31 1/8%.
Spirit Airlines and JetBlue conceded on Monday that their appeal of the federal court decision that struck down their merger in January would most likely be unsuccessful.
DISH DBS Corp.’s senior notes were mixed in active trade as parent company EchoStar Corp. works to secure financing to address the soon-to-mature 5 7/8% senior notes due Nov. 15, 2024 (Caa2/CCC+).
DISH’s 7¾% senior notes due 2026 (Caa3/CC) were largely unchanged at 66¼ with the yield 28 5/8%.
The 5¾% senior notes due 2028 (Caa1/B-) improved.
The S&P U.S. High Yield Corporate Distressed Bond index gained 0.20% on Friday, lifting the year-to-date return to 2.82%.
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