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CSC mixed; Rite Aid soft post earnings report; DISH mixed; Embarq, Level 3 mostly up
By Cristal Cody
Tupelo, Miss., June 29 – Altice USA, Inc. subsidiary CSC Holdings, LLC’s paper traded heavily in the distressed market on Thursday.
The 5¾% senior notes due 2030 (Caa1/CCC+) fell about 1 point to the 46½ bid area on $17.13 million of secondary action as the most active distressed issue seen, a source said.
CSC’s credit default swap spreads widened more than 100 basis points this week.
Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/CCC) moved ¾ point lower to 48¾ bid after the company posted weak quarterly earnings results, a source said.
Rite Aid’s CDS gapped out more than 2,000 bps this week and neared the 10,000 bps level by Wednesday.
DISH Network Corp.’s bonds were mostly flat to under 1 point higher on Thursday.
DISH’s 5 1/8% senior notes due 2029 (B3/B-) traded up 7/8 point at 46 1/8 bid on $4.9 million of supply, a source said.
In other distressed trading, Embarq Corp.’s 7.995% notes due 2036 (Caa2/CCC) gained 1¾ points by the close to trade at 60¼ bid, a source said.
Also Thursday, notes from Lumen Technologies, Inc. subsidiary Level 3 Financing, Inc. were unchanged to ¼ point better.
Level 3 Financing’s 4 5/8% senior notes due 2027 (B1/B) rose ¼ point to 69½ bid, a source said.
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