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Bausch swings higher; Rite Aid skids after regulatory filing; DISH slips; Level 3 up
By Cristal Cody
Tupelo, Miss., July 12 – A handful of distressed bonds yielding more than 20% were on the move on Wednesday, including from Bausch Health Americas, Inc.
Bausch Health Cos. Inc.’s 6¼% senior notes due 2029 (Ca/CCC-/CC) jumped 4½ points to 48½ bid and a yield of just over 23% on Wednesday, a source said.
The bonds saw fairly active trading on $7 million of volume.
Meanwhile, Rite Aid Corp.’s 7½% senior secured notes due 2025 (Caa3/CCC-/B) sank 9 points to 48¼ bid on $6 million of trading a day after the company posted its 10-Q filing with the Securities and Exchange Commission, a source said.
The issue was yielding nearly 53%.
DISH Network Corp.’s 7¾% senior notes due 2026 (B3/B-) fell ½ point to 62¼ bid in one of the session’s active distressed issues yielding more than 27%, a source said.
Distressed names were among the most active junk issues seen trading higher early Wednesday before pulling back slightly over the afternoon, according to a market source.
Over the morning, Level 3 Financing, Inc.’s 4¼% senior notes due 2028 (B1/B) rallied 1¼ points to 68½ bid and by the afternoon were trading up 1 point at 68¼ bid.
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