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Diebold declines on Chapter 11 report; CCC-rated bonds eyed; Virgin Media notes rally
By Cristal Cody
Tupelo, Miss., May 30 – Diebold Nixdorf Inc.’s bonds hit the skids on Tuesday after the company reported it plans to file a pre-packaged Chapter 11 bankruptcy filing.
“Wow,” one trader said at the drop from Friday’s levels.
The ATM manufacturer’s 8˝% senior notes due 2024 (Ca/CC) fell to a 1 bid handle, while the 9 3/8% senior secured notes due 2025 (Caa2/CCC) were the issuer’s “better” bonds, though they have declined about 10 points from last week, the source said.
The company’s 9 3/8% senior secured notes due 2025 (Caa2/CCC) were quoted hanging in at 28 bid on nearly $6.5 million of volume on Tuesday.
Trading action picked up from Friday’s low volume, but not significantly, according to market sources.
“It was somewhat quiet,” a source said Tuesday. “A lot of the guys were looking for triple-C bonds. It was not that busy.”
Virgin Media Inc.’s 6 3/8% notes due 2028 jumped 13˝ points on Tuesday to head out at 28˝ bid on nearly $10 million of trading, a source said.
The bonds were carrying a yield of more than 40%.
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