An estimated $20 million chunk of Xerox's bank debt notched down slightly to the 81-83 range from the mid-80s on a Standard & Poor's downgrade of the company's revolver to BB from BBB-. The company, while going ahead with its debt reduction plan, lost business in late September as a result of the World Trade Center attacks. Regal Cinemas, still being traded as a distressed credit, has moved up to 102-104 from the mid-90s on the prepackaged bankruptcy filing.
In par news, about $10 million of Allied Waste traded down slightly to 97 1/2 from the 98 range. Still dealers say the overall market is firming. Nextel Communications' bank debt traded up to 86 range from the low 80s as a result of a subscriber growth.