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Carvana notes rally along with stock; Diamond Sports edges lower; Telesat paper gains
By Cristal Cody
Tupelo, Miss., Jan. 30 – Carvana Co.’s paper rallied about 1¼ points to more than 7 points as its stock closed up nearly 30% in strong trading action on Monday.
Carvana’s 10¼% senior notes due 2030 (Caa2/CCC) jumped nearly 7½ points to 55½ bid on $13.47 million of secondary volume, a source said.
The company’s 4 7/8% notes due 2029 (Caa2/CCC) climbed 4 points to head out at 45½ bid on $4 million of trading.
The 5 5/8% notes due 2025 (Caa2/CCC) also rose to 45¼ bid after trading 1¼ points higher on $2 million of secondary action on Monday.
Diamond Sports Group LLC’s secured and unsecured notes edged 1/8 point lower in continued strong trading action on Monday as traders gauge a possible Chapter 11 bankruptcy filing.
More than $13 million of the notes were traded over the session, a source said.
The 5 3/8% senior secured notes due 2026 (Caa3/CCC-) softened 1/8 point to 6 7/8 bid and a 130% yield on $7.4 million of volume.
In other distressed trading, Telesat Corp.’s 5 5/8% notes due 2026 (B2/CCC+) were quoted better on Monday at 46¼ bid, up 2½ points on $4.85 million of paper traded, a source said.
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