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Bed Bath & Beyond slides over 10 points, stock plunges; Rite Aid softens; Endo moves up
By Cristal Cody
Tupelo, Miss., Aug. 19 – Bed Bath & Beyond Inc.’s notes sank more than 11 points on Friday on news reports of restricted shipments amidst unpaid bills and a stock dump.
The retailer’s 5.165% senior notes due 2044 (Caa3/B-) slid 11 1/8 points to 16¼ bid on $15 million of volume, a source said.
Bed Bath & Beyond’s stock plunged 40.54% to $11.03.
Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC-/BB-) softened more than 2 points to the 86 bid area, down more than 2 points from Thursday, a source said.
Rite Aid, Wendy’s International, LLC and iHeart Communications, Inc. were among companies with tighter credit default swap spreads over the past week, a market source said.
Rite Aid’s CDS spreads firmed more than 50 basis points.
In CCC-rated debt, the peak distress of 50% has been cut to 27%, according to a BofA Securities, Inc. note on Friday.
Newly bankrupt Endo International plc’s paper went out about ¼ point to more than 2½ points higher in mostly light trading.
Endo subsidiary Par Pharmaceutical Inc.’s 7½% senior secured first-lien notes due 2027 (Caa2/D) traded 2 5/8 points better on Friday at 87 5/8 bid, a source said.
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