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Rite Aid steadies; iHeartMedia notes lower, CDS spreads ease; Level 3, Lumen mixed
By Cristal Cody
Tupelo, Miss., Oct. 26 – Familiar distressed names continued to rack up strong trading in the secondary market Thursday, sources reported.
Rite Aid Corp.’s 8% senior secured notes due 2026 (/D/CC) were flat at 71½ bid on $6.5 million of volume by the time the session wound down, a source said.
iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/CCC+) saw a second consecutive session of declines.
The notes traded off nearly ½ point on Thursday to around 64½ bid on $5.4 million of volume, a source said.
iHeartCommunications’ credit defaults swap spreads widened more than 150 basis points this week.
Also Thursday, bonds from Level 3 Financing, Inc. traded mostly flat to 1 point weaker.
Level 3’s 4 5/8% senior notes due 2027 (B3/CCC+/B) slipped 1 point to 68¼ bid on $11.25 million of trading, a source said.
The 4¼% senior notes due 2028 (B3/CCC+/B) were flat at 58 bid on $12.4 million of volume.
Level 3 parent Lumen Technologies, Inc.’s notes were flat to softer, while the issuer’s CDS spreads came in over 200 bps this week.
Lumen’s 4% senior secured notes due 2027 (Caa2/B/BB-) traded mostly unchanged with a 66 bid handle on $3.5 million of volume.
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