Avaya declines; Bed Bath & Beyond edges up; Lumen under pressure; Diamond Sports quiet

By Cristal Cody

Tupelo, Miss., Feb. 15 – Paper from newly bankrupt Avaya Holdings Corp. traded down in mostly light secondary action on Wednesday following the company’s Chapter 11 filing on Tuesday.

Avaya Inc.’s 6 1/8% senior secured notes due 2028 (Ca/D/CC) fell 3 points to head out at 27 bid on $3.7 million of volume, a source said.

Bed Bath & Beyond Inc.’s bonds saw some of the heaviest distressed trading on Wednesday.

The distressed retailer’s 5.165% senior notes due 2044 (C/D) went out up ¼ point at 11½ bid on nearly $10 million of volume, a source said.

Lumen Technologies, Inc.’s bonds remained under pressure.

The 4½% notes due 2029 (B2/B+) traded off 1 5/8 points to 54 3/8 bid on $7.4 million of paper changing hands, a source said.

Lumen’s 5 3/8% notes due 2029 (B2/B) declined to the 57 bid area, down more than 1¼ points in light trading.

Meanwhile, Diamond Sports Group LLC’s notes stayed mostly quiet after the company reported it missed $140 million of interest payments due Wednesday on three tranches of notes and had entered into a 30-day default grace period.

The company’s bonds were not seen among the most active names traded during the session, a source said.

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