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Community Health notes mixed ahead of earnings report; Bed Bath, Party City down
By Cristal Cody
Tupelo, Miss., July 25 – Community Health Systems Inc.’s senior secured notes were mixed in thin trading on Monday after going out Friday about 2 points to more than 5 points higher.
CHS/Community Health Systems, Inc.’s 6 7/8% senior secured notes due 2029 (Caa2/CCC) fell 1¾ points to 63¾ bid in light trading over the session, a source said.
The care and outpatient facilities operator is scheduled to post quarterly earnings midweek.
The U.S. distress ratio is soaring with the ratio more than double at 9.2% as of July 5 from 4.3% as of June 3, according to a S&P Global Ratings report released Monday.
The retail sector leads the distress ratio at 17.7%, S&P said.
Several retailers have been under pressure over the summer, including Bed Bath & Beyond Inc., Michaels Cos., Inc. and Rite Aid Corp.
Bed Bath & Beyond’s notes traded about ¼ point to 1 point lower on Monday, a source said.
The retailer’s 3.749% senior notes due 2024 (Caa3/B-) declined 1 point to 46 bid.
Party City Holdings Inc.’s 8¾% senior secured notes due 2026 (B3/B-) dropped 2 1/8 points to 64 3/8 bid and a yield of 24.28% on $6 million of volume on Monday, a source said.
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