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Rite Aid bonds pick up steam in heavy trading; iHeartMedia softens; Level 3, Lumen up
By Cristal Cody
Tupelo, Miss., Oct. 25 – Rite Aid Corp.’s 8% senior secured notes due 2026 (/D/CC) dominated secondary action in the distressed market on Wednesday.
The issue also was among the most active higher-rated junk bonds traded with $19 million of volume racked up, a source said.
The bankrupt retailer’s notes were heading out 3/8 point better at 71½ bid and trading about 6 points stronger since the company’s Oct. 15 Chapter 11 bankruptcy filing.
Meanwhile, iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/CCC+) fell 1/8 point on more than $8 million of bonds changing hands on Wednesday, a source said.
The notes were quoted at 65¼ bid.
iHeartCommunications’ notes traded with a 74 bid handle in mid-September.
In other distressed names, bonds from Level 3 Financing, Inc. and parent Lumen Technologies, Inc. mostly traded stronger on Wednesday.
Level 3’s 4 5/8% senior notes due 2028 (B3/CCC+/B) rallied 2½ points to 69¼ bid, a source said.
Trading topped $8 million in the company’s most active issue.
Lumen’s 4% senior secured notes due 2027 (Caa2/B) traded 1¼ points better at 66½ bid also on $7.4 million of volume.
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