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DISH down in more subdued sell-off; Diamond Sports up; Rite Aid gains in January
By Cristal Cody
Tupelo, Miss., Jan. 17 – DISH Network Corp.’s paper continued to see strong but more subdued trading on Wednesday as investors continued to dump the distressed notes.
DISH DBS Corp.’s 7¾% senior notes due 2026 (Caa2/CC) were last seen going out at 54 bid on more than $21 million of paper traded, a source said.
Secondary action was stronger early in the session with more odd lots seen over the afternoon.
Trading was more subdued from Tuesday when the notes went out over 2½ points lower at 56¼ bid on $53.9 million of paper changing hands.
Diamond Sports Group, LLC’s 5 3/8% senior secured notes due 2026 climbed higher on Wednesday as trading jumped to more than $40 million after the bankrupt sports broadcaster reached a restructuring support agreement with its parent company and creditors.
The issue traded up more than 1 point to the 5½ bid to 6 bid range, a source said.
In other bankrupt paper moving on Wednesday, Rite Aid Corp.’s 8% senior secured notes due 2026 softened over 1 point to 75¼ bid but were trading more than 5 points better so far in 2024, a source said.
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