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Carvana bonds jump; Rite Aid paper higher, CDS spreads widen; iHeartMedia better
By Cristal Cody
Tupelo, Miss., June 8 – Bonds from Carvana Co. posted significant gains on Thursday in light secondary action, while its stock soared 56% in heavy trading after the company reported an improved second-quarter outlook.
The company’s senior notes were trading more than 7 points better going out the door.
Carvana’s 10¼% senior notes due 2030 (Ca/C) rallied 7¾ points to a quote of 78¾ bid, a source said.
Trading was steady on $5.5 million of volume.
Carvana’s 5 5/8% senior notes due 2025 (Caa2/CCC) also climbed over 7 points to 86 bid in lighter trading totaling $3.3 million.
Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/CCC) were 1 point better at 54¼ bid on Thursday, while the drugstore chain’s credit default swap spreads moved out to more than 6,000 basis points this week, according to market sources.
iHeartMedia, Inc.’s bonds and CDS spreads saw strong gains during the session and over the week, sources said.
iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/B-) picked up 2 more points to trade near the 68 bid area on $8.84 million of volume on Thursday.
The notes were trading about 10 points better from a week ago.
iHeartCommunications’ CDS spreads tightened more than 400 bps this week.
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