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Embarq rallies; Avaya claws back 2½ points; distressed auto names active; Wheel Pros up
By Cristal Cody
Tupelo, Miss., Dec. 14 – Distressed paper from Embarq Corp. and Avaya Inc. topped the most active names in the secondary market on Wednesday.
Embarq’s notes traded about 2 points to more than 4 points higher, a source said.
The 7.995% notes due 2036 (Caa2/CCC/CCC) rallied more than 4 points to hit 47 bid on $18.65 million of volume.
Trading action in Avaya’s 6 1/8% senior secured notes due 2028 (Caa2/CCC-/CCC) ramped up with the bonds recovering 2½ points to head out at 35 bid on $18 million of supply, a source said.
The issue sank 10½ points on Tuesday after the company reported critical discussions with stakeholders in its convertible bonds and term loans.
Elsewhere, some paper out of the automotive space was moving in the secondary market on Wednesday.
Tire maker Wheel Pros, Inc.’s 6½% senior notes due 2029 (Caa3/CCC-) shot up 9¼ points to a quote of 34¼ bid on $2 million of volume, a source said.
Sports car manufacturer McLaren Holdings Ltd.’s 7½% senior secured notes due 2026 (Caa1/CCC) traded at 75 5/8 bid, down 2 7/8 points on $3 million of supply, a source said.
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