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 15,084 31 17.18
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.97
3 Citi 8,093 21 9.22
4 Lloyds Bank 7,329 24 8.35
5 JP Morgan 6,580 10 7.49

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3 JPMorgan 100,935.67 292 8.78%
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5 Credit Suisse 75,962.58 202 6.61%