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Lumen, Level 3 mostly higher; Hawaiian Airlines, Ardagh notes slide; iHeart drops
By Cristal Cody
Tupelo, Miss., Oct. 27 – Lumen Technologies, Inc.’s 4% senior secured notes due 2027 (Caa2/B/BB-) traded heavily over Friday’s session ahead of its earnings release in the week ahead.
The bonds were up about 2 points to a print of 68.438 on $18 million of volume by the afternoon, a source said.
Subsidiary Level 3 Financing, Inc.’s 4¼% senior notes due 2028 (B3/CCC+/B) also traded over ¾ point higher at a quote of 58½ bid on $12.4 million of volume.
Meanwhile, Hawaiian Airlines, Inc.’s paper was creeping closer to the distressed space after back-to-back heavy trading on Thursday and Friday, a source said.
The 5¾% first-lien senior secured notes due 2026 (Ba3) fell 2½ points to 76 bid on $18.6 million of paper traded.
But one of the day’s weakest bonds was Ardagh Group SA’s 6½% senior secured notes due 2027 (Caa3/B-), which sank 6¼ points to 58½ bid on more than $12 million of trading, a source said.
The bonds were yielding 24.18%.
In other distressed paper, iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/CCC+) stayed under pressure on Friday.
The bonds slipped 1½ points to hit 63 bid on $8.5 million of secondary supply, a source said.
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