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Diamond Sports paper down over 1 point; TPC notes soft; Ligado Networks improves
By Cristal Cody
Tupelo, Miss., Jan. 18 – Diamond Sports Group LLC’s notes dropped about 1¼ points to 1¾ points in the secondary market on Tuesday following the long holiday weekend.
The 5 3/8% senior secured notes due 2026 (Caa1/CC) declined about 1¾ points to 48¼ bid over the session.
Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) dropped 1¼ points to 27¾ bid by the close.
The bonds headed out on Friday down about 2 7/8 points to 3¼ points on the week following a downgrade from S&P Global Ratings and the company’s announcement of a $600 million new money transaction and debt exchange.
TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) were last seen trading on Friday down about 2 points near the 67¼ bid area on reports of a potential restructuring.
In other distressed secondary action, Ligado Networks LLC’s 15½% senior secured first-lien notes due 2023 (Caa1) traded ½ point better on Tuesday at 80¼ bid, a market source said.
The telecommunications and broadcasting/media sectors are among the main spaces that face higher default rates in 2022, according to a Fitch Ratings note.
Fitch said the telecommunications default rate could total 5% “if Ligado Networks files, while broadcasting/media could reach 2.5% if Diamond Sports Group LLC completes a distressed debt exchange.”
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