Lumen cautiously higher; Level 3 paper drops; QVC improves over summer; Rite Aid up

By Cristal Cody

Tupelo, Miss., Aug. 1 – Lumen Technologies, Inc.’s notes edged higher on Tuesday in light, cautious secondary action before the company released its second-quarter earnings results after the market close.

Lumen’s 4% senior secured notes due 2027 (B3/BB-/BB) rose ¼ point to 66¼ bid on $4.5 million of trading, a market source said.

Subsidiary Level 3 Financing, Inc.’s paper was down under ¼ point to more than 2½ points on more than $21 million of volume over the session.

Level 3’s 3¾% senior notes due 2029 (B1/B/B+) fell over 2½ points to a 63 bid handle on $3 million of volume.

Lumen reported steep losses of more than $8 billion, while quarterly revenue also was down $1 billion.

Distressed retail paper was mixed over the session.

QVC Inc.’s 4¾% notes due 2027 (B2/B-) dropped more than 1½ points to 63 bid on $4 million of trading at the start of August, a source said.

The home shopping network company’s notes have improved nearly 10 points since May.

Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) were under 1/8 point higher on a 50 bid handle after declining about ½ point on Monday, a source said.

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