Ardagh mixed as earnings report digested; E.W. Scripps securities bounce around

By Cristal Cody

Tupelo, Miss., April 25 – Ardagh Group SA’s notes stayed mixed in light trading on Thursday as the market digested the company’s interim consolidated first-quarter earnings report.

The 5¼% senior notes due 2027 (Caa1/CCC/CCC) were quiet after going out Wednesday over 2 points better on the week at 52¾ bid.

The 4 1/8% senior secured notes due 2026 (B3/CCC-/B+) traded 1 point lower at 82¼ bid, a source said.

Ardagh Packaging Finance plc showed signs of being on the mend with the company’s credit default swap spreads over 300 basis points tighter this week.

Meanwhile, E.W. Scripps Co.’s paper softened in light activity but remained stronger on the week.

The company’s 5 3/8% senior notes due 2031 (Caa2/B-) slipped 2¼ points to 59¼ bid after trading 2 points higher on Wednesday, a source said.

The issue was around 2¾ points higher on the week.

Along with the gain in Scripps’ paper, the company’s CDS spreads saw the biggest decrease in U.S. corporate CDS movers this week with the spreads moving below 1,000 bps.

iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa3/CCC+) improved about ½ point to 53½ bid on Thursday and were about 1 point better this week, a source said.

iHeartCommunications was the softest this week in U.S. corporate CDS movers with CDS spreads over 200 bps wider.

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