An estimated total $30 million of Dade Behring's bank debt traded into the 85-86 range last Wednesday. There was also a $13 million auction that day. Deutsche Bank was said to be involved, but its exact position in the auction could not be ascertained and officials there would not comment. Dade has been trading in the mid-80s context for a few weeks, according to sources. Dealers say the seller was someone who bought the paper at new issue, close to par. Dade Behring, based in Deerfield, Ill., makes diagnostic equipment which tests how well blood coagulates. Calls to John Duffey, cfo, were referred to Pattie Overstreet-Miller, v.p. corporate communications, who could not be reached by press time.
A dealer familiar with the credit says the negotiations with unsecured bondholders are proceeding well, which is prompting trading. The company, under a prepackaged bankruptcy filing, is negotiating terms with bondholders on what they will get in the reorganized company. He says while an agreement has not been reached, both banks and bond holders are getting closer to a compromise.