Computer Sciences Corp.'s bonds fluctuated last week on rumors that the company was the target of a possible leveraged buyout. The bonds of CSC fell by several points each at the start of last week, but by last Thursday had leveled off and, in most cases, recovered a point or two and were trading in the mid-90s.
The company's '08 bonds began the week at 96.64 and later dropped to 94.51 before settling at 96.13 Thursday. The '09 bonds saw a high of 102.13 and ended Thursday at 99.10. The '13 bonds went as high as 93.31 and as low as 90.50. They stood at 93.64 last Thursday. Finally, CSC's '11 bonds rose to 106.54 during the week and fell to as low as 103.00 before settling at 105.27.
The LBO rumblings center on rumored interest by Texas Pacific Group, Warburg Pincus, Blackstone Group and defense company Lockheed Martin. Blackstone officials declined to comment. Calls to Texas Pacific, Warburg and CSC were not returned.