Adelphia Credit Auctions Up
A $30 million piece of Adelphia Communications Corp.'s Hilton Head "B" loan was auctioned off in the 82-821/2 range. The buyer and seller of the paper could not be determined. A few dealers believed that the price where the loan traded was a bit aggressive. The paper had been quoted previously in the 80-82 range and it was surprising that a piece of such size could get done on the offered side of that market, noted one dealer.
The Hilton Head facility is one of the facilities to which the Rigas family's co-borrowing arrangements is attached. One trader noted that the loan was "mired in that mess." Vanessa Wittman, Adelphia's cfo, could not be reached by press time.