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iHeartMedia active; distressed paper from Michaels, QVC, Rite Aid higher; Level 3 gains
By Cristal Cody
Tupelo, Miss., June 12 – iHeartMedia, Inc.’s 8 3/8% senior notes due 2027 (Caa1/B-) took a major portion of junk and distressed trading action on Monday.
The bonds were up ¼ point at 71 bid on $20.26 million of secondary volume as the most active distressed name quoted, a source said.
Elsewhere, distressed retail paper saw gains over the session.
Michaels Cos, Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC) traded 1 point better at 69 bid, a source said.
QVC Inc.’s 5.45% senior secured first-lien notes due 2034 (B2/B-) were 1 point higher at 49¾ bid, according to a market source.
Also, Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/CCC) added ½ point over the session to 54¼ bid, a source said.
Paper from Lumen Technologies, Inc. subsidiary Level 3 Financing, Inc. improved over the session, sources said.
Level 3 Financing’s 4¼% senior notes due 2028 (B1/B) were up 1¼ points to 1½ points by the close at 65¼ bid.
Lumen’s 6 7/8% debentures due 2028 (Caa1/CCC+) were down on Monday by more than 2½ points at around 47½ bid in thin trading.
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