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Allen Media downtrend accelerates; Telesat gains continue; Envision Healthcare notes up
By Abigail W. Adams
Portland, Me., June 2 – Several distressed credits were active during Thursday’s session with ETF buying and topical news driving large movements in the space.
Allen Media LLC’s 10½% senior notes due 2028 (Caa1/B-) plummeted in heavy volume on Thursday.
The notes fell 6 points on Thursday, trading to a low of 60 and a high of 63 3/8, a source said.
However, the majority of prints were on a 62-handle.
Telesat Corp.’s senior notes continued their upward momentum with investors expressing renewed confidence in the satellite communications company.
Telesat’s 4 7/8% senior notes due 2027 rose to 69 on Wednesday with the yield now 13.647%.
The 6½% senior notes due 2027 continued to trade on a 48-handle and closed the day at 48 7/8, according to a market source. The 6½% notes have climbed almost 4 points on the week.
While volume was light, Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/D) jumped in a late-day trade as a dealer paid up for the hard-to-find paper.
The 8¾% notes were up 1¾ points to 27¾ in an early trade. The notes eventually traded at a 2-point premium to their last trade to close the day at 29¾.
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