Distressed cable paper active; Cox, Altice, DISH trade; Rite Aid secured notes decline

By Cristal Cody

Tupelo, Miss., Sept. 5 – Secondary trading stayed on the light side in the distressed debt market on Tuesday as primary action soared in the high-grade space over the post-Labor Day session.

Cable and broadband providers saw some of the day’s most active trading, sources reported.

The 8 7/8% senior notes due 2027 (Caa1/CCC+) from CMG Media Corp., doing business as Cox Media Group, went out as the most active distressed issue seen trading on $7 million of volume, a source said.

The issue was quoted at 78¼ bid.

Altice France Holding SA’s paper improved on $5 million of trading on Tuesday.

The 10½% senior notes due 2027 (Caa2/CCC) climbed 1½ points to 56 bid on $4 million of volume, a source said.

DISH Network Corp.’s notes were active over the session on $6 million of secondary action.

DISH DBS Corp.’s 7¾% senior notes due 2026 (Caa2/B-) traded with a 74 bid handle on $5 million of supply, a source said.

DISH’s 7 3/8% senior notes due 2028 (Caa2/B-) went out at 63¼ bid in light supply totaling $1 million.

In other distressed paper, Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/C/B) slipped 1/8 point to a quote of 63 3/8 bid on $5 million of trading on Tuesday, a source said.

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