Triton Yo-Yos After Earnings Call

Triton PCS' $250 million "B" loan slid up and down during the week after the company announced lower-than-expected earnings last Tuesday.

  • 18 Mar 2005
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Triton PCS' $250 million "B" loan slid up and down during the week after the company announced lower-than-expected earnings last Tuesday. "They are doing $44 million EBITDA and they were projecting $55 million. They also revised their yearly guidance from $160 million to $70 million, so the whole thing can blow up soon," one trader said.

The Berwyn, Pa.-based wireless provider's "B" loan was trading north of 101 1/2-102 before the news. After the earnings call it traded down to 99 3/4 before recovering to 102 -102 1/4, a trader said. Pricing on the "B" is LIBOR plus 3 1/4%.

"The bonds rallied a little bit so people realized the sell off was just a little bit overdone," a trader explained. Before the news Triton's 8 1/2% bonds were quoted at 96-97. The latest quote on the bonds is 91 1/2-92 1/2, said the trader. David Clark, the company's cfo, did not return calls.

  • 18 Mar 2005

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1 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

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3 JPMorgan 67,464.46 192 8.41%
4 Wells Fargo Securities 67,146.17 186 8.37%
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