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CommScope bonds mixed; Michaels stronger; WW paper moves higher; Herbalife notes gain
By Cristal Cody
Tupelo, Miss., April 23 – CommScope Holding Co., Inc.’s bonds mostly rallied on Tuesday with the name seen among the biggest gainers in the distressed space, though still down more than 10 points from March.
CommScope Technologies LLC’s 6% senior notes due 2025 (Ca/CCC-) recovered 3¾ points to trade at 78½ bid, a source said.
CommScope, Inc.’s 8¼% senior notes due 2027 (Ca/CCC-) added 1 1/8 points to a quote of 38 7/8 bid.
Michaels Cos, Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC) also climbed ¾ point to 72¼ bid in the day’s most active traded distressed issue, a source reported.
Secondary volume hit $15 million by the close.
WW International Inc.’s 4½% senior secured notes due 2029 (Caa1/CCC+) were staging a small comeback this week in light trading after softening in the prior week.
The notes were around 1 5/8 points better at 37 5/8 bid from where the issue went out Friday.
The WeightWatchers paper was under a “little bit of pressure” last week, a source said.
Herbalife Ltd.’s 4 7/8% senior notes due 2029 (B3/B) yielding over 17.7% hit the distressed space over the last couple of sessions, a source said.
The bonds rallied 1 5/8 points to 59½ bid on Tuesday.
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