CommScope mostly lower; Spirit Airlines softens; Rite Aid bonds up; WeWork quiet

By Cristal Cody

Tupelo, Miss., Nov. 21 – Secondary action slowed on Tuesday with desks expected to be thinly staffed on Wednesday ahead of the Thanksgiving Day holiday, sources reported.

Distressed paper has been among the junk bond market’s biggest gainers this week, though paper was softening on Tuesday in the lighter activity, sources reported.

CommScope, Inc.’s 8¼% senior notes due 2027 (Caa2/CCC-) fell about 1 point to around 45½ bid on $13.5 million of volume in one of the day’s most active issues, a source said.

Spirit Airlines Inc.’s 8% senior secured notes due 2025 (B2) gave back some of Monday’s gains headed into the afternoon and close.

The bonds declined 3¼ points to head out at 71½ bid on $6.5 million of supply, a source said.

In bankrupt paper, Rite Aid Corp.’s bonds have seen some gains so far this week in light trading.

Rite Aid’s 8% senior secured notes due 2026 were quoted mostly flat at 75½ bid on $3 million of volume after adding more than 5 points in the prior session, a source said.

WeWork Inc.’s bankrupt paper has been quiet in trading this week, according to a market source.

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