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DISH declines; Altice’s CSC bonds soften; Rite Aid mixed; Staples lower after downgrade
By Cristal Cody
Tupelo, Miss., Sept. 21 – Distressed paper mostly softened in lighter trading supply on Thursday with the most active issue seen topping out at under $11 million of volume.
DISH Network Corp.’s 7¾% notes due 2026 (Caa2/B-) dropped 1 1/8 points to a 76 bid handle on $10.87 million of secondary volume, a source said.
Altice USA, Inc. subsidiary CSC Holdings, LLC’s paper also declined in some of the day’s top distressed movers, a source said.
CSC’s 4 5/8% senior notes due 2030 (Caa2/CCC+) fell 1½ points to 55 bid by the close on about $6 million of trading supply.
In the distressed retail landscape, Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) traded up ½ point on Thursday, while its credit default swap spreads moved out more than 1,000 basis points this week.
Rite Aid’s 8% senior secured notes due 2026 were quoted at 61½ bid.
Also, Staples Inc.’s notes were down about ¼ point to ½ point in light trading after the office supplies retailer was downgraded by S&P Global Ratings, a source said.
The 10¾% senior notes due 2027 (Caa2/CCC) softened ½ point to 57½ bid on $1.8 million of volume.
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