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Published on 4/21/2023 in the Prospect News High Yield Daily.

DISH paper improves; QVC bonds dip; Qurate on mend; At Home drops; Lumen, Level 3 paper gains

By Cristal Cody

Tupelo, Miss., April 21 – DISH Network Corp.’s and QVC Inc.’s bonds saw strong trading action on Friday in otherwise mostly quiet distressed secondary activity.

DISH DBS Corp.’s 5 7/8% senior notes due 2024 (B3/B) recovered 1 7/8 points on more than $16 million of trading after dropping more than 1 point on Thursday.

The notes went out at 82 5/8 bid, a source said.

QVC’s 4.45% senior secured notes due 2025 (B2/B-) fell ¼ point to a quote of 75 bid on $12.5 million of trading, while parent company’s Qurate Retail Inc.’s 8¼% senior notes due 2030 (Caa2/CCC-) traded up more than 1¼ points to 28¾ bid on $2.85 million of supply on Friday, a source said.

In other distressed retail paper, At Home Group, Inc.’s 7 1/8% senior notes due 2029 (Caa3/CCC-) slid 5 points by the afternoon to 56 bid on about $6 million of volume, a source said.

Bonds from Lumen Technologies, Inc. and subsidiary Level 3 Financing, Inc. gained on Friday.

Lumen Technologies’ 4% senior secured notes due 2027 (B3/BB-) improved more than ¼ point to 67 bid on $5 million of supply, a source said.

Level 3 Financing’s 4 5/8% senior notes due 2027 (B1/B) added 3 3/8 points to trade at 65 7/8 bid on $6.5 million of volume.


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