Nextel Communications and Global Crossing found popularity with would-be buyers last week with $40-50 million of each name trading. A $2.5 million piece of Nextel's term loans "B" and "C" traded at 84 3/4 in the street following higher bond prices by week's end. The paper, which had been auctioned off as low as 80 two weeks ago, hit the 83 3/4 level by midweek. On Thursday, $2.5 million of the name's "D" term loan traded at 83 3/8. Officials at the company could not be reached by press time.
Global Crossing's bank debt also changed hands in the 20 1/2 to 22 1/2 range, although some traders priced the market as low as 18 1/2 to 20 1/2. Dealers said technical factors drove the market, specifically distressed and vulture funds looking to buy the paper. Specific buyers and sellers could not be determined. A spokeswoman from Global Crossing declined to comment on the trades.