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Rite Aid secured notes extend gains; QVC, Qurate Retail paper higher; DISH bonds mixed
By Cristal Cody
Tupelo, Miss., Aug. 7 – Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) have been on a tear higher for more than a week and continued the trend Monday in strong trading action.
The notes climbed 3 1/8 points on $10.6 million of volume, outpacing volume in other distressed names during the session, a source said.
Rite Aid’s paper went out Friday over 2 points higher.
QVC Inc.’s notes also traded about ¼ point to 1 point better Monday in mostly light secondary action.
The 4¾% senior secured notes due 2027 (B2/B-) were up 1 point after going out Friday over 1½ points higher.
Parent Qurate Retail Inc.’s 8½% senior notes due 2029 (Caa2/CCC-) traded ¾ point at the start of the session, climbed a full point by the afternoon and went out even better – up 1½ points on the day.
Meanwhile, DISH Network Corp. higher-rated junk paper was down ¼ point on more than $24 million of trading action, while DISH’s more distressed bonds went out mostly flat Monday in light supply.
The 7¾% senior notes due 2026 (Caa2/B-) traded marginally higher on $3.3 million of activity.
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