DISH notes slide in wide sell-off; Bausch Health declines; iHeartCommmunications drops

By Cristal Cody

Tupelo, Miss., Oct. 3 – DISH Network Corp.’s bonds were the talk of the day in the junk and distressed markets on Tuesday as the bonds slid in heavy trading following the announcement of the first U.S. government fine over space debris.

DISH DBS Corp.’s 7¾% senior notes due 2026 (Caa2/B-) slid nearly 4 points to a 69 bid handle on more than $31 million of bonds traded, a source said.

DISH’s 5 1/8% senior notes due 2029 (Caa2/B-) went out down around 3 points at 51½ bid on $13 million of volume.

Bausch Health Cos. Inc.’s paper traded down about 1 point or more also in some of the day’s most active distressed issues with more than $38 million of bonds changing hands after a downgrade from Fitch Ratings.

The company’s 11% senior secured first-lien notes due 2028 (Caa1/CCC+/B) fell about 1 point to around 65½ bid on $14 million-plus of secondary activity, a source said.

Bausch’s 4 7/8% senior secured notes due 2028 (Caa1/CCC+/B) declined nearly 1½ points to 54¼ bid on $10.7 million of volume.

iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/CCC+) also dropped nearly 2½ points to around 68 bid on $7.1 million of trading on Tuesday, a source said.

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