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iHeart paper slides after downgrade; CommScope mixed; Community Health mostly quiet
By Cristal Cody
Tupelo, Miss., Dec. 8 – iHeartCommunications, Inc.’s bonds declined across the board on Friday following a downgrade from Moody’s Investors Service.
iHeart’s paper was volatile heading into the close, according to a market source.
iHeart 6 3/8% senior secured notes due 2026 (Caa1/B+) slid 4 points to 79½ bid on $11.55 million of trading and by the close, the issue had given back 3¾ points to a quote of 79¾ bid and a 17.05% yield on $13.35 million of volume.
The 8 3/8% senior notes due 2027 (Caa3/CCC+) went out 3 points lower at 61 bid and yielding 26.51% on $11.7 million of trading.
Meanwhile Friday, CommScope Holding Co., Inc.’s paper remained thinly traded as investors absorbed news reports that the company had hired Moelis & Co. for restructuring advice.
CommScope Technologies LLC’s 6% senior notes due 2025 (Caa2/CCC-) were trading about 1/8 point higher on Friday around 78 bid on light supply of more than $2 million, a source said.
Elsewhere in the secondary market, Community Health Systems Inc.’s paper saw thin trading on Friday following a downgrade from Fitch Ratings.
Community Health’s 5¼% senior secured notes due 2030 (B3/B-) traded around 1¼ points higher at the 79½ bid range in thin activity, a source said.
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