Staples active, mixed post-earnings call; iHeart jumps; Altice France secureds gain

By Abigail W. Adams

Portland, Me., Sept. 15 – It was a quiet day in the distressed debt space with broader markets soft and the topical trades that drove volume earlier in the week subsiding.

Staples Inc.’s senior notes were active although largely unchanged following the retailer’s earnings conference call.

Staples’ 7½% senior secured notes due 2026 (B3/B) attracted the most attention on Friday although the notes continued to trade on an 82-handle.

The notes remained in the 82¼ to 82¾ context in active trade on Friday, according to a market source.

Staples’ 10¾% senior notes due 2027 (Caa2/CCC+) fell about 1 point in lighter volume with the notes closing the day in the 59 to 59¼ context, a source said.

Altice France Holding SA’s senior notes were mixed with its secured notes notching gains while its unsecured notes remained flat in heavy volume.

Altice France’s 5¾% senior secured notes due 2029 (B3/B) rose ½ point to close at 83½, and the 8 1/8% senior secured notes due 2027 (B2/B-) were also up about ½ point to close at 89 7/8, a source said.

iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/CCC+) attracted strong buying interest on Friday with the notes bouncing more than 2 points to claim the title of the day’s largest gainer.

© 2015 Prospect News.
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