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Rite Aid paper down, CDS spreads gap out; Mallinckrodt drops; iHeartMedia, DISH mixed
By Cristal Cody
Tupelo, Miss., June 15 – Rite Aid Corp.’s bonds continued to drift lower in distressed secondary trading on Thursday, while its credit default swap spreads gapped out this week.
The 8% senior secured notes due 2026 (Caa3/CCC-/B) went out around 51½ bid, 52½ offered, a source said.
Rite Aid’s CDS spreads blew past 7,000 basis points after widening more than 1,300 bps this week.
Mallinckrodt plc’s paper moved lower after the company chose not to pay debt payments on two bonds.
Mallinckrodt’s 10% second-lien notes due 2025 (Caa1/CCC+) went out at 14 bid, 16 offered, a trader said.
The issue traded on Monday at 25 bid, 27 offered and with a 78 handle on June 5.
iHeartMedia, Inc.’s notes have been soft in the secondary market, while its CDS spreads were nearly 400 bps tighter for the week.
The 8 3/8% senior notes due 2027 (Caa1/B-) were quoted at 68¼ bid, 69¼ offered, down about 1½ points on $8 million of trading.
DISH Network Corp.’s paper was among the day’s most active names, though its CDS spreads softened more than 100 bps this week, sources said.
DISH’s 5 7/8% senior notes due 2024 (B3/B-) added 1 point to 86½ bid on more than $9 million of trading.
“On Monday, they were 83½, 84½, so they’re up a little bit on the week,” a source said.
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