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Hawaiian Airlines improves; Spirit Airlines declines; Level 3 mixed; CommScope down
By Cristal Cody
Tupelo, Miss., Nov. 27 – Overall secondary trading stayed light in the first full post-Thanksgiving session with distressed paper from airlines commanding much of the action, sources said.
Hawaiian Airlines, Inc.’s 5¾% first-lien senior secured notes due 2026 (Ba3) were moving at 79¾ bid on $10 million of trading in the most active issue seen, according to a market source on Monday.
The notes have picked up more than 3 points in November.
Spirit Airlines Inc.’s 8% senior secured notes due 2025 (B2) were softer in post-holiday trading at 70¾ bid, down about 4 points over the past week.
The bonds saw $6.7 million of secondary activity during the session, a source said.
Level 3 Financing, Inc.’s paper traded flat to lower over the session.
Level 3’s 3¾% senior notes due 2029 (B3/CCC+/CCC+) went out unchanged at 36¾ bid on $6 million of volume, a source said.
The 4¼% senior notes due 2028 (B3/CCC+/CCC+) were quoted at 45¼ bid on $3 million of trading on Monday.
CommScope Holding Co., Inc.’s notes were pressured out of the gate and were trading lower on Monday, sources said.
The 6% senior notes due 2025 (Caa2/CCC-) were quoted at 77¾ bid, down 1 point from a week ago.
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