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E.W. Scripps senior notes higher on unit sale chatter; GrafTech secured bonds volatile
By Cristal Cody
Tupelo, Miss., April 24 – E.W. Scripps Co.’s paper climbed on Wednesday with the notes moving off handles in the 50s and 70s and trading around 2 points to over 3 points better this week on chatter the company is shopping its over-the-air network Bounce TV.
The 5 3/8% senior notes due 2031 (Caa2/B-) added 2 points to a quote of 61½ bid on $8 million of volume, sources said.
The 5 7/8% senior notes due 2027 (Caa2/B-) went into the close higher at 80 bid on more than $6 million traded.
The bonds improved from 79¾ bid on Tuesday and 76¼ bid on Friday.
Scripps is “hoping to get a nice bounce,” according to a Noble Capital Markets, Inc. research note Wednesday on the potential sale of the network that could take pressure off the company’s high debt leverage.
In other secondary trading, GrafTech International Ltd.’s bonds were volatile and traded down nearly 3 points to up 8 points on handles in the low 70s ahead of its first-quarter earnings release this week.
The company’s 9 7/8% senior secured notes due 2028 (B2/B) shed more than 2¾ points to a 73 bid handle, a source said.
GrafTech Finance, Inc.’s 4 5/8% senior secured notes due 2028 (B2/B) climbed over 8 points to 74¼ bid.
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