DISH paper, CDS spreads weaken; iHeartCommunications softens; Lumen, Level 3 mixed

By Cristal Cody

Tupelo, Miss., March 15 – Securities from EchoStar Corp. subsidiaries DISH DBS Corp. and DISH Network Corp. turned softer this week and on Friday.

Credit default swap spreads were more than 100 basis points wider in both companies for the week.

DISH DBS’ 5 1/8% senior notes due 2029 were about ½ point lower on the day and down about 2 points from a week ago at around 43 bid, a source said.

iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa3/CCC-) declined about 1 point to 55½ bid on Friday, while the CDS spreads widened over 125 bps this week, sources said.

Lumen Technologies, Inc. saw some recovery after the company reported on Monday that it commenced a consent solicitation to amend certain indentures and facilitate the completion of transactions expected under its amended transaction support agreement, sources said.

Lumen’s paper was up nearly 5 points on a “rebound in some distressed telecoms this week,” according to a BofA Securities note on Friday.

Lumen’s 5 3/8% senior notes due 2029 (Ca/CCC-) went out at 33½ bid, up 2 points on the week.

The CDS spreads also tightened more than 40 bps this week.

Level’s 3’s 4¼% senior notes due 2028 (Caa2/CC) were down about 5 points on the week on a 46 bid handle.

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