R.H. Donnelley's new credit backing the acquisition of Sprint's publishing assets broke into the secondary market last Wednesday, trading above par. Pieces of the oversubscribed "B" paper changed hands in the 100 1/4 to 100 1/2 context as original lenders looked to top off their allocations. The low point for the paper was a trade in the 99 7/8 range, one trader noted. Any Donnelley trades will not settle until January 2003, when the transaction is completed. Other recent directory deals have been trading in the same context. Dealers quoted the market for Dex Media East at 100 1/8 to 100 3/8 and Bell Actimedia's new term loan "B" was still holding its own in the par context as well.
Donnelley Joins Directory Names Trading Above Par