DISH bonds little changed; Bausch mostly holds onto gains; iHeartMedia notes mixed

By Cristal Cody

Tupelo, Miss., May 19 – Distressed secondary trading action slowed on Friday with DISH Network Corp. and Bausch Health Cos. Inc. among the most active names.

DISH’s 5¼% notes due 2026 (Ba3/B) slipped 1/8 point to trade at 76½ bid during the session, a source said.

The notes were the company’s most active issue on $13.5 million of volume.

DISH DBS Corp.’s 7¾% senior notes due 2026 (B3/B-) were quoted mostly flat at 55 bid on $6 million of activity.

Bausch’s 11% senior secured notes due 2028 (Caa1/CCC+/B) went out little changed at 77¾ bid on Friday, a source said.

The bonds were the issuer’s most active tranche trading on more than $10 million of secondary volume.

Bausch’s 4 7/8% senior secured notes due 2028 (Caa1/CCC+/B) rose 3/8 point over the day to 63 1/8 bid on $4 million of supply.

Also Friday, iHeartMedia, Inc.’s bonds were changing hands on more than $12 million of secondary action.

The 6 3/8% senior secured notes due 2026 (B1/BB-) declined ½ point to 77 bid on volume of under $3 million, a source said.

The company’s 8 3/8% senior notes due 2027 (Caa1/B-) were flat at 57½ bid on stronger volume totaling $6.8 million.

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