Global Crossing's bank debt notched up to the mid-40s from the high 30s early this week on the heels of a conference call. The company has announced various debt reduction measures, including more than 1,000 staff cuts. Nextel Communications' "B/C" paper is trending upward again, last hitting 90 in a total of $20 million in trades. Dealers cite new product technology as helping to push the credit back up. Dealers reported the American Tower's bank debt landed at 91 ½-92 range in a total of $10 million in trades early this week. That's up from 89 last week.
In distressed news, the defensive nature of the healthcare industry pushed up Dade Behring's levels to 89-90 in an auction. Deutsche Bank was rumored to be the buyer of the $5 million chunk, although officials there would not confirm. The seller could not be ascertained.