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CommScope paper slides on quarterly losses; Ardagh moves down; Rite Aid edges higher
By Cristal Cody
Tupelo, Miss., Oct. 30 – CommScope Holding Co., Inc.’s paper plunged in secondary trading that topped the junk and distressed markets on Monday after the company reported preliminary third-quarter results.
CommScope Technologies LLC’s 6% senior notes due 2025 (Caa1/CCC+) plunged 15¼ points to a quote of 74 bid on $71.8 million of volume, a source said.
CommScope’s 8¼% senior notes due 2027 (Caa1/CCC+) dropped 8 points on Monday to head out at 53 bid on $14 million of secondary activity.
Other CommScope notes were down over 2 points to more than 5 points. The company’s 7 1/8% senior notes due 2028 (Caa1/CCC+) fell 5½ points to just under 46 bid on $3.3 million of trading.
The company’s common stock sank 39%.
Ardagh Group SA’s 6½% senior secured notes due 2027 (Caa3/B-) continued to move lower on Monday after dropping over 6 points on Friday. The notes were down 1 3/8 points at 58 1/8 bid on Monday, a source said.
Trading hit $7 million in the issue over the session.
Meanwhile, bankrupt Rite Aid Corp.’s 8% senior secured notes due 2026 rose 1/8 point to 71¾ bid on $5 million of trading, a source said.
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