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Bed Bath & Beyond mostly higher; Lumen paper widely declines; Diamond Sports improves
By Cristal Cody
Tupelo, Miss., Feb. 8 – Bed Bath & Beyond Inc.’s bonds mostly gained on Wednesday for a third consecutive session amidst the retailer’s quickly priced and closed convertible preferred stock deal on Tuesday.
The distressed retailer’s 5.165% senior notes due 2044 (C/D) went out at 16½ bid, up nearly 2 points on $5 million of volume.
In the company’s heaviest traded issue, Bed Bath & Beyond’s 4.195% senior notes due 2034 (C/D) slipped more than ½ point on $8.7 million of volume. The notes were quoted at a high 15 bid handle.
Lumen Technologies, Inc.’s paper slid about 3½ points to more than 8 points in heavy trading on Wednesday, a day after the company reported fourth-quarter and fiscal 2022 losses.
Lumen’s 5 1/8% notes due 2026 (B2/B+) declined about 5¼ points to 78¾ bid on more than $38 million of volume, a source said.
In other distressed paper, Diamond Sports Group LLC’s bonds moved up 1/8 point to ½ point.
Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa3/CCC-) traded up ½ point to 9¼ bid going out Wednesday on $3 million of volume, a source said.
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