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Cracks widen in Rite Aid as CDS spreads ease nearly 5,000 bps; DISH down; Lumen softens
By Cristal Cody
Tupelo, Miss., Aug. 17 – Rite Aid Corp.’s bonds saw thin trading on Thursday, while its credit default swap spreads gapped out more than 4,500 basis points this week.
The 8% senior secured notes due 2026 (Caa3/CCC-/B) were about ¼ point better at 56¾ bid, a source said.
Rite Aid’s CDS spreads, though, moved out 4,538 bps for the past week ended Wednesday to 16,340 bps, according to a report from Moody’s Investors Service.
DISH Network Corp.’s bonds saw the bulk of trading in the distressed market over the session with the paper down about 1 point or more on more than $30 million of activity.
DISH’s 7¾% senior notes due 2026 (Caa2/B-) dropped 1 point to 75½ bid on over $12 million of paper changing hands, a source said.
DISH’s 7 3/8% senior notes due 2028 (Caa2/B-) declined over 1¼ points to trade at 64 bid on $13.7 million of secondary supply.
Lumen Technologies, Inc.’s bonds moved lower on Thursday on about $10 million of trading following a two-notch downgrade from S&P Global Ratings.
The 4% senior secured notes due 2027 (B3/BB-/BB) dropped nearly 1½ points to around 67½ bid, a source said.
Volume totaled about $7 million.
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