Enviva notes move up following downgrades; CommScope paper softens across maturities

By Cristal Cody

Tupelo, Miss., Nov. 13 – Enviva Partners, LP’s 6½% senior notes due 2026 (Caa2/CC/CC) shot up 6¼ points in distressed secondary trading on Monday after picking up more than 4 points on Friday.

The bonds shed over 30 points on Thursday after Enviva reported heavy third-quarter losses and doubt about its ability to continue as a going concern.

Enviva Partners’ 6½% senior notes due 2026 (Caa2/CC/CC) shot up 6¼ points to head out at 43 bid, a source said Monday.

The yield was 54.26%.

Trading totaled $6.43 million.

Enviva’s stock rallied nearly 50% on Monday after Fitch Ratings delivered more bad news to the issuer and downgraded the company and its senior notes.

In other distressed trading on Monday, CommScope Holding Co., Inc.’s bonds saw the bulk of secondary supply following a downgrade from Moody’s Investors Service, a source said.

The bonds extended declines from Friday and were seen down anywhere from around ¼ point to more than 1 point.

CommScope Technologies LLC’s 6% senior notes due 2025 (Caa2/CCC+) declined 1¼ points to 75½ bid on $6.7 million of trading, a source said.

The 5% senior notes due 2027 (Caa2/CCC+) fell ¾ point to 36¼ bid on $12.6 million of volume.

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