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QVC, Qurate gain on divestiture; Diebold drops as offer doubts swirl; iHeartMedia up
By Cristal Cody
Tupelo, Miss., May 25 – Bonds from QVC Inc. and parent Qurate Retail Inc. rallied about 3 points in some of the day’s most active distressed issues trading on Thursday.
The gains came a day after Qurate Retail announced that it sold online retailer Zulily to Los Angeles-based investment firm Regent, LP.
QVC’s 4¾% notes due 2027 (B2/B-) traded about 3 points higher with a 54 bid handle on more than $11 million volume, a source said.
Qurate Retail’s 8½% senior notes due 2029 (Caa2/CCC-) climbed about 3 points to 37 bid in late afternoon trading on about $3 million of activity.
Elsewhere, Diebold Nixdorf Inc.’s 8½% senior notes due 2024 (Ca/CC) fell more than 3¾ points to a quote of 4 1/8 bid on Thursday, a source said.
Trading was on the light side with $1.33 million of volume.
iHeartMedia, Inc.’s bonds were on the mend on Thursday with its senior and secured paper trading about ½ point to 1 point better.
iHeartMedia’s 8 3/8% senior notes due 2027 (Caa1/B-) improved more than ½ point to 56¾ bid on more than $8 million of secondary action, a source said.
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