Nextel Communications bank debt has slid about four points to the 92 1/2 range. Triad Hospitals' term loan "B" is trading at 101, with dealers noting the healthcare industry is in demand. Market appetite for energy credits has pushed up trading levels for Dresser Inc.'s term loan "A" too 100 3/8. FCC approval today of Deutsche Telekom's buyout of VoiceStream Wireless has dealers predicting levels will reach par. VoiceStream last traded at 99 1/4 and is now expected to benefit off of Deutsche Telekom's investment grade status.
In distressed news, Tenneco Automotive's bank debt has traded up to the 77 range on higher EBITDA numbers. A $45 million chunk of the Finova Group traded in an auction at 81.