Distressed satellite bonds pressured; DISH, Viasat, Cox drop; CSC flat; Sinclair up

By Cristal Cody

Tupelo, Miss., Sept. 27 – The distressed cable and satellite space remained mostly under pressure in strong selling on Wednesday.

DISH Network Corp.’s 7¾% senior notes due 2026 (Caa2/B-) were quoted down over 1¾ points at 74¾ bid on $12.25 million of secondary activity.

Viasat Inc.’s notes were among the busiest names and traded flat to nearly 2 points lower, a source said.

The 6½% senior notes due 2028 (Caa1/B) dropped 1¾ points to 68¼ bid on $7.4 million of trading.

Cox Media Group Inc.’s 8 7/8% senior notes due 2027 (Caa1) also declined a second day and traded off ¼ point on Wednesday to 78 bid on $4 million of volume, a market source reported.

Meanwhile, Altice USA, Inc. subsidiary CSC Holdings, LLC’s 7½% senior notes due 2028 (Caa2/CCC+) were unchanged at 66¾ bid on $2.5 million of supply, a source said.

Among the day’s gainers, Sinclair Television Group Inc.’s 5½% senior notes due 2030 (B2/B-) traded 1/8 point higher at 53 bid on over $4 million of volume.

In other distressed paper, Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) continued to soften with bankruptcy chatter surrounding the retailer.

The 8% senior secured notes due 2026 (Caa3/CCC-/B) fell ¼ point to 58 bid on $3.5 million of trading, a source said.

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