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DISH bonds soften; CSC pressured; Telesat drifts lower; Level 3 bonds slide
By Cristal Cody
Tupelo, Miss., Jan. 31 – Names in the cable and telecommunications space remained in the forefront of distressed trading on Wednesday with one issuer sinking over 20 points.
DISH DBS Corp.’s paper was softer with some of the bonds now freed from distressed debt exchange offers since parent EchoStar Corp.’s announcement Monday the offers were terminated.
The 7¾% notes due 2026 (Caa2/CC) declined about 1¾ points to around 58 bid, a source said.
Bonds from Altice USA, Inc. subsidiary CSC Holdings, LLC have been pressured in January.
CSC’s 4 5/8% senior notes due 2030 (Caa2/CCC+) have dropped about 10 points since December and were down about ¼ point to around 51 bid on Wednesday, a source said.
Sentiment in the cable space has been “sour” at the start of the year, Craig Moffett, partner and senior research analyst at MoffettNathanson LLC, said in a note released Wednesday to Prospect News.
Telesat Canada’s 5 5/8% senior secured notes due 2026 (B3/D) have dropped about 2 points year to date to a 60 handle, a source said.
Level 3 Financing, Inc.’s 3 5/8% senior secured notes due 2029 (B3/B/B-) slid about 23 points to 30 bid following a downgrade of parent Lumen Technologies, Inc., a source said.
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