Community Health paper among weakest in distressed trading; Zayo up; Radiate improves

By Cristal Cody

Tupelo, Miss., Feb. 23 – While no major headlines dominated the distressed space on Friday, some names stood out.

Community Health Systems Inc. “was the bond down the most,” a trader said.

The company’s paper fell about 1 1/8 points to 2 points on Thursday and declined about 1¼ points to 3 points ahead of the weekend.

CHS/Community Health Systems, Inc.’s 6 1/8% senior secured second-lien notes due 2030 (Caa3/CCC-/CCC-) went out Friday off 3 points at around the 61, 62 bid range, a trader said.

The bonds were down about 8 points on the week.

Meanwhile, some names traded to the upside.

Zayo Group Holdings, Inc.’s 6 1/8% senior notes due 2028 (Caa2/CCC) climbed over 3 points on Friday to around 75 bid and have picked up over 5 points since midweek.

“For the last month, those bonds have been in the 60s,” a trader said. “They’ve been stepping up a good bit.”

Also, Radiate Holdco, LLC’s 6½% senior notes due 2028 (Caa3/CCC-) jumped about 4 points to the 43, 44½ bid range, a source said.

Trading in the name was strong with $8.6 million of reported volume.

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