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CommScope declines under renewed pressure; Level 3 mostly lower; Rite Aid notes improve
By Cristal Cody
Tupelo, Miss., Oct. 11 – Bonds from CommScope Holding Co., Inc. came under renewed pressure in strong trading in the distressed market on Wednesday.
The company’s 8¼% senior notes due 2027 (Caa1/CCC+) dropped more than 1¼ points to 65 bid on $3.4 million of volume, a source reported.
The 7 1/8% senior notes due 2028 (Caa1/CCC+) fell 2 points to 56¼ bid on $6 million of trading.
Level 3 Financing, Inc.’s bonds also saw a lot of secondary interest but went out mostly lower.
The 3 5/8% senior notes due 2029 (B3/CCC+/B) moved down nearly 1 1/8 points to 54¾ bid on $9 million of supply, a source said.
Meanwhile, Level 3’s 4 5/8% senior notes due 2027 (B3/CCC+/B) improved more than ¼ point to 67¼ bid on $10 million of trading.
Rite Aid Corp.’s paper was trading higher a second day.
The 8% senior secured notes due 2026 (Caa3/CCC-/B) were quoted about 1½ points better around 65½ bid on $6 million of volume on Wednesday, a source said.
The 7.7% notes due 2027 (Ca/C) also traded at 7 bid on about $5 million of secondary supply.
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