Embarq rebounds; Diebold Nixdorf moves higher; CHS notes decline ahead of earnings

By Cristal Cody

Tupelo, Miss., Oct. 25 – A few distressed names mostly improved on Tuesday as market tone remained strong and volatility waned.

Embarq Corp.’s 7.995% notes due 2036 (Caa2/CCC/CCC) jumped 2¾ points in heavy trading totaling $12 million as one of most active distressed names seen during the session.

The notes hit 37 bid late Tuesday, a source said.

Diebold Nixdorf Inc.’s 8½% senior notes due 2024 (Ca/C) traded 1½ points better on Tuesday with the company’s paper stronger since the ATM manufacturer announced Thursday that it entered into an agreement with stakeholders to refinance debt and provide the company with $400 million in additional financing.

The 8½% notes were quoted at 51½ bid, more than 4 points better since Wednesday, a source said.

The company and notes were downgraded Tuesday by S&P Global Ratings.

Elsewhere, Community Health Systems Inc.’s notes remained soft ahead of the issuer’s earnings report due Wednesday, a source said.

CHS/Community Health Systems, Inc.’s 5 5/8% senior secured notes due 2027 (B2/B/BB-) moved down about 1 point to head out near the 70¼ bid area on about $6 million of trading on Tuesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.