Cumulus Media notes mostly quiet; few bite amid exchange offers; DISH flat to higher

By Cristal Cody

Tupelo, Miss., April 22 – Cumulus Media Inc.’s 6¾% senior secured first-lien notes due 2026 (Caa1/CC) remain thinly traded amid an oft-continued exchange offer that initially attracted few takers.

The notes were quiet on Monday. The notes on Friday were quoted at around 55 bid, 56 offered, down over 1 point from where the issue traded in the same session a week earlier.

“They are not very active, not too much at all,” a trader said.

Traders and investors have not been too interested in the distressed notes with the exchange offers this month.

“It’s not going to trade if you want to exchange bonds,” another trader told Prospect News. “There’s $346 million left – the original amount was $500 million. You could make the case the bonds last traded March 6.”

After only approximately $15 million of the bonds had been tendered in response to the exchange offer following numerous extensions since March, the amended debt swap is expected to go through, Noble Capital Markets, Inc. senior research analyst Michael Kupinski said in a report on Monday.

DISH DBS Corp.’s 7 3/8% senior notes due 2028 (Caa1/CCC) traded flat at 43½ bid but were around ½ point better from a week ago, a source said.

DISH’s 5 1/8% senior notes due 2029 rose ¼ point to 39 bid on Monday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.