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DISH mostly declines after exchange launch; Spirit Airlines plunges; AMC paper softens
By Cristal Cody
Tupelo, Miss., Jan. 16 – DISH Network Corp.’s distressed bonds mostly sank further Tuesday in heavy secondary supply that put the name in the top of the list of most active high-yield issuers traded on more than $165 million of activity.
DISH’s 7¾% notes due 2026 (Caa2/CC) fell over 2½ points as trading soared past $53 million in the tranche after parent EchoStar Corp. announced Tuesday that it launched exchange offers for the issue, among other tranches.
DISH’s 5 1/8% senior notes due 2029 (Caa2/CC) gave back 1½ points to finish the session at a quote of 36 bid and a 29.65% yield. Secondary supply totaled over $44 million.
Meanwhile, Spirit Airlines Inc.’s 8% senior secured notes due 2025 (B2//) plunged over 15 points after a federal judge blocked the company’s $3.8 billion merger with JetBlue Airways Corp.
Trading climbed past $40 million over the session.
AMC Entertainment Holdings, Inc.’s bonds also opened the short holiday week under continued selling pressure after edging lower Friday.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) fell over 2½ points in the company’s most active tranche.
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