Distressed trading thin; Carvana, DISH, AMC lower; Staples off; Level 3 declines

By Cristal Cody

Tupelo, Miss., April 5 – The new 9% senior second-lien notes due 2029 (Caa2/B-) priced by Cloud Software Group Holdings Inc. took much of the day’s secondary action with the junk paper boasting trading volume of more than $260 million, a source said.

The notes were trading at 82 bid and yielding over 13%.

Distressed issues saw lighter trading action as bank paper mostly improved, a source said.

Carvana Co.’s 10¼% notes due 2030 (Ca/C) dropped more than 3½ points to 53 bid on $1.1 million of activity.

DISH Network Corp. paper declined about ½ point to 2 points. The 7¾% notes due 2026 (B3/B) traded down 2 points to 63½ bid on $2.3 million of volume.

AMC Entertainment Holdings, Inc.’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) fell 1¾ points to 69½ bid on $3.4 million of trading, according to a market source.

Staples Inc.’s paper was back under pressure in one of the day’s most active issues. The 7½% notes due 2026 (B3/B) went out ½ point lower at 87¼ bid on $21.5 million of volume, a source said.

Notes from Lumen Technologies, Inc. subsidiary Level 3 Financing, Inc. declined about 2 points to 3½ points in mostly light activity.

The issuer’s 4 5/8% notes due 2027 (B1/B) dropped 3½ points to 56½ bid on $1.3 million of trading, a source said.

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