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Revlon climbs higher; Rite Aid secured, unsecured paper softens, CDS spreads tighten
By Cristal Cody
Tupelo, Miss., June 7 – Revlon Inc. was one distressed name that continued to gain on Tuesday after picking up about 5 points in the prior session, a source said.
The bonds have rallied the past two sessions on reports the company is in discussions to extend its debt maturities.
Revlon Consumer Products Corp.’s 6¼% senior notes due 2024 (C/C) climbed over 3¾ points to the 29 bid range in light secondary action over the day, a source said.
The cosmetics manufacturer’s issue is nearing the 30 bid to 40 bid range last seen in March and April.
In other distressed issues, Rite Aid Corp.’s secured and unsecured paper traded softer in thin supply on Tuesday, while the company’s credit default swap spreads came in over 400 basis points in the past week, sources said.
Rite Aid’s 7.7% senior debentures due 2027 (Caa2/CCC/CCC) declined nearly 1¾ points to a print of 62.66 in light secondary action on Tuesday, a source said.
The drugstore chain’s 8% senior secured notes due 2026 (B3/CCC/BB-) also were over ½ point lower at the 81¼ bid area.
Rite Aid’s CDS spreads improved by more than 400 bps during the prior week to 2,768 bps.
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