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DISH picks up after clearing merger hurdles; Level 3, Lumen bonds mixed; WW notes climb
By Cristal Cody
Tupelo, Miss., Dec. 7 – DISH Network Corp.’s bonds dominated the junk and distressed markets on Thursday on more than $40 million of paper traded after the company cleared regulatory hurdles to its merger with EchoStar Corp.
DISH DBS Corp.’s 7¾% senior notes due 2026 (Caa2/B-) climbed 3 points to hit 64½ bid on more than $18 million of paper traded, a source said.
The bonds were still prominent in the distressed space with a yield of over 28%.
Level 3 Financing, Inc.’s paper was mostly better over the session, while parent Lumen Technologies, Inc.’s notes softened in light trading, a source said.
Level 3’s 3¾% senior notes due 2029 (B3/CCC+/CCC+) improved 1½ points to 38 bid on $4 million of secondary supply, and the 3 5/8% senior notes due 2029 (B3/CCC+/CCC+) were trading just under ¾ point better near 38 bid on $7 million of volume.
Lumen’s 4½% senior notes due 2029 (Caa3/CCC-/CCC-) fell ½ point to a quote of 22 bid on $5 million of trading on Thursday.
WW International Inc.’s 4½% senior secured notes due 2029 (B3/B) continued to climb during the session after adding 2¾ points on Wednesday, a source said.
The bonds were up 1 point at 60 bid on more than $10 million of secondary activity.
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