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National CineMedia bonds, loans weak; Bed Bath & Beyond notes lower; CHS paper softens
By Cristal Cody
Tupelo, Miss., Oct. 31 – Cinema advertising company National CineMedia, LLC’s paper remains weak since the company missed $11 million of coupon payments earlier in October.
National CineMedia’s 5¾% senior notes due 2026 (Ca/CC) traded more than 1¼ points softer at 9¾ bid on Monday but were moving more than 2 points higher from a week ago, a source said.
National CineMedia’s term loan is bid in the 40s after the company missed an interest payment on a bond due Oct. 15, according to a Fitch Ratings report on Monday.
Bed Bath & Beyond Inc.’s paper softened about ½ point to ¾ point over Monday’s session following the retailer’s announcement on Friday of plans to sell additional stock, a source said.
The 5.165% senior notes due 2044 (C/CC) went out about ¾ point lower at 10¾ bid.
CHS/Community Health Systems, Inc.’s 4¾% notes due 2031 (B2/B) declined 2¼ points in strong selling pressure on Monday but continued to hold onto most of last week’s gains, a source said.
The issue went out near the 66¼ bid area on about $9.7 million of paper traded.
In other distressed market action, Moody’s Investors Service said in a report on Friday that U.S. corporate defaults eased in the third quarter but are expected to increase year over year.
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