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Rite Aid distressed bonds mostly improve; Level 3 notes gain; CommScope paper higher
By Cristal Cody
Tupelo, Miss., Aug. 29 – Rite Aid Corp.’s bonds stayed mixed on Tuesday but remained mostly better as investors and traders await a possible Chapter 11 bankruptcy filing.
Rite Aid’s 7.7% senior notes due 2027 (Ca/C/CC) added more than 1 point to an 11 bid handle after S&P Global Ratings downgraded the retailer on an increased restructuring risk.
Rite Aid’s 8% senior secured notes due 2026 (Caa3/C/B) fell ¼ point in little activity over the day to around 60 bid, 61¼ offered, a source said.
Bonds from Lumen Technologies, Inc. subsidiary Level 3 Financing, Inc. also were on the move higher following a downgrade from Fitch Ratings on Tuesday.
Level 3’s 4¼% senior notes due 2028 (B3/CCC+) added 1½ points to head out at 67 bid, according to a market source.
The bonds traded at 64 bid in the same session a week ago after Moody’s Investors Service lowered the ratings.
Elsewhere, CommScope Holding Co., Inc.’s 8¼% senior notes due 2027 (Caa1/CCC+) improved 1 point to trade at 67 bid, a market source said.
The issue remains down from where it traded around 74 bid at the start of August.
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