Spirit Airlines bounces higher; DISH little changed; Diamond Sports attracts interest

By Cristal Cody

Tupelo, Miss., Jan. 19 – Spirit Airlines Inc.’s 8% senior secured notes due 2025 moved off a Thursday low on more than $90 million of bonds traded on Friday after the company released an investor update during the session.

“The biggest mover on the upside was Spirit,” a trader said.

The issue went out at 60 bid, 61 offered, up from a low this week of 47½ bid, 48½ offered following Tuesday’s court ruling against the company’s merger with JetBlue Airways Corp.

DISH Network Corp.’s notes also recovered a bit on Friday after the company’s debt exchange offers announced on Tuesday and following ratings downgrades caused heavy volatility in the paper.

DISH DBS Corp.’s 7¾% senior notes due 2026 were “down a point pre-announcement,” a source said.

The bonds traded on Friday at 56 bid, 57 offered versus 57 bid, 58 offered in the same session a week earlier.

Diamond Sports Group, LLC’s 5 3/8% senior secured notes due 2026 also were bucking over 4 points higher on the week after the bankrupt sports broadcaster announced a restructuring support agreement with its parent company and creditors and attracted an intriguing minority investment from Amazon.com.

The distressed bonds neared double digits on Friday at 8 bid, 9 offered after a fairly active session where more than $20 million of paper traded.

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