Diamond Sports notes improve; Exela bonds pick up steam; Telesat trades higher

By Cristal Cody

Tupelo, Miss., Jan. 31 – Diamond Sports Group LLC’s bonds traded about ½ point to 1 point better after the company reported on Monday it received an extension for the solicitation start of consents for a debt exchange.

The company’s 5 3/8% senior secured notes due 2026 (Caa1/CCC) traded up about ½ point to the 46 bid area, a source said.

Diamond Sports’ 6 5/8% senior unsecured notes due 2027 (Ca/CC) picked up about 1 point to head out at 26 5/8 bid.

Meanwhile, Exela Technologies, Inc.’s 11½% first priority senior secured notes due 2026 (Caa3/CCC-) jumped 1½ points to 64 bid as the company got underway with a new exchange offer after closing a distressed debt exchange in December.

Telesat Corp.’s paper improved about ¾ point Monday after trading down over 4 points in the prior week.

Telesat Canada LLC’s 6½% senior unsecured notes due 2027 (Caa1/B) were up ¾ point to 62 bid, according to a market source.

In other distressed market action, S&P Global Ratings said Monday the global corporate default tally year to date rose to three after Fusion Connect Inc. converted about $256 million of its senior secured first-lien term loan due 2025 into new junior convertible preferred stock.

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