Rite Aid distressed bonds down; DISH paper declines; Cox Media lower in strong trading

By Cristal Cody

Tupelo, Miss., Sept. 26 – Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) slid 2¼ points out of the gate on Tuesday and went out about 3 points lower on the day.

The issue was quoted at 58¼ bid in light trading totaling $2 million, one source said.

The distressed space along with the junk market was softer as equities slid and volatility ramped up, sources reported.

“Everything is down,” a trader said. “My head is spinning from the market.”

The CBOE Volatility index jumped 12.07% to 18.94 in its highest close since May 25.

Bonds in the distressed and junk cable and satellite spaces were under pressure in heavy secondary action, a source reported.

DISH Network Corp.’s bonds gave back ½ point to over 1 point in one of the most active names seen.

The 7¾% senior notes due 2026 (Caa2/B-) fell ½ point to a quote of 76½ bid on more than $13.65 million of volume.

An issue from Cox Media Group Inc. saw the heaviest trading action over the session.

The 8 7/8% senior notes due 2027 (Caa1) dropped about ¾ point to 78¼ bid on $15.8 million of trading on Tuesday, a source said.

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