Diamond Sports distressed paper moves lower; Qurate Retail declines; Bausch gives back

By Cristal Cody

Tupelo, Miss., Jan. 20 – Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (Caa2/CCC-) fell ¾ point in trading on Friday that put it among the most active distressed bonds in the secondary.

Volume in the name hit $10 million, a source said.

Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa2/CCC-) went out at 7½ bid.

Qurate Retail Inc.’s bonds also saw declines in active trading.

The 8¼% senior debentures due 2030 (B3/CCC) fell more than 1¾ points to the 45 bid area on more than $6.2 million of volume, a source said.

The company’s credit default swap spreads have widened 800 basis points since November.

Subsidiary QVC Inc.’s notes were quoted higher on the day with the 5.45% senior secured notes due 2034 (Ba2/BB+) up 2 points at 59¼ bid.

Bausch Health Cos. Inc. also was among the most active distressed names in the secondary market during the session, a source said.

The company’s paper was about ¼ point to 1½ points lower on more than $13 million traded.

The 5¼% senior notes due 2030 (Ca/CCC/CC) slipped 1½ points to 47 bid on $3 million of volume.

Bausch’s 11% senior secured notes due 2028 (Caa1/B-/B) were more than ¾ point lower at 80¾ bid on $5.2 million of paper traded.

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