Qurate, QVC steady following downgrade; Diversified Health soft; Bausch moves lower

By Cristal Cody

Tupelo, Miss., Sept. 8 – Paper from Qurate Retail Inc. was active in the distressed market following a downgrade from S&P Global Ratings on Thursday, along with the shopping network owner’s subsidiary, QVC Inc., but the bonds went out mostly flat on the day.

Qurate’s 8½% senior debentures due 2029 (B2/B-) were steady but down about 1 point in post-holiday trading this week at 79 bid, a source said.

QVC’s 5.45% senior secured notes due 2034 (Ba2/BB) went out mostly unchanged on the day and week at 71¾ bid.

Meanwhile, credit default swap spreads from Qurate, formerly known as Liberty Interactive Corp., tightened nearly 25 basis points this week.

Trading quieted on Thursday in Diversified Healthcare Trust’s 4 3/8% guaranteed senior notes due 2031 (B3/BB) after the paper fell about ½ point the previous day following a ratings downgrade.

The notes were about 3½ points lower on the week at 67 bid, a source said.

Bausch Health Cos. Inc.’s notes dropped about ¾ point to more than 2 points after the company released a statement on Thursday to clarify provisions in its previously announced debt exchange offers.

Bausch’s 5½% secured notes due 2025 (B3/B/BB-) fell 3/8 point to 55½ bid on $26 million of volume, a source said.

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