On the run names Adelphia Communications, Charter Communications, and Nextel Communications firmed up last week on positive market sentiment echoing reports of economic growth and stronger equity and bond markets. Adelphia's term loan "B" ticked up from a 99 1/2 street trade two weeks ago as $5-10 million traded in the 99 1/8 to 99 7/8 range. Roughly $10 million of Charter's "B" term loan traded in the 97 3/8-97 5/8 range compared to the 96 1/2 level three weeks ago. And Nextel's bank debt also perked up as $60 million traded up to the 86 range with $2.5 million pieces trading at 85 1/8 and 85 5/8 by Wednesday last week.
Dealers pointed to ramping-up collateralized loan obligations as some of the buyers, but many traders believed the street began to focus on the names because they had been oversold to the point where their prices had been driven down to levels now considered bargains. Calls to the companies' cfos were not returned by press time.