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CommScope bonds slide on second-quarter losses; Lumen declines; Rite Aid paper higher
By Cristal Cody
Tupelo, Miss., Aug. 3 – CommScope Holding Co., Inc.’s bonds slid at the start of trading on Thursday and continued to mostly move lower through the session after the company reported heavy second-quarter losses.
In early trading at the start of the session, CommScope, Inc.’s 8¼% senior notes due 2027 (Caa1/CCC+) dropped 4¼ points to 70 bid, a source said.
The bonds were last seen over 2 points lower at 68 bid, down 6½ points on the day on $26.56 million of secondary action.
The company’s stock plunged 26%.
Lumen Technologies, Inc.’s notes stayed under pressure on Thursday after posting second-quarter losses earlier in the week.
Lumen’s 4% senior secured notes due 2027 (B3/BB-/BB) declined ¾ point to 66¾ bid, while its 7.6% notes due 2039 (Caa1/CCC+/B-) dropped 2 points to 33½ bid, a source said.
Lumen’s credit default swap spreads widened a third consecutive week and eased more than 550 basis points this week.
Rite Aid Corp.’s bonds traded higher on Thursday, while its CDS spreads moved out over 1,000 bps this week to back above 10,000 bps.
Rite Aid’s 8% senior secured notes due 2026 (Caa3/CCC-/B) added more than 3 points to head out at 52¾ bid on Thursday, a source said.
The company’s stock also was up more than 14% on heavy trading volume.
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