Hotel credits continue to sag in the aftermath of the World Trade Center attacks. Wyndham International's back debt is now offered in the high 80s, a 10 point drop from before Sept. 11. Starwood Hotels & Casinos' bank debt is now in the 97 range, trading down from a 100 level. Charter Communications' bank debt traded down to 96.50, which had softened about a point and a half, on the combination of a weakening broadcasting sector and news the company's ceo is resigning. An estimated $5 million traded.
In distressed news, Xerox Corporation's bank debt traded at 85, up slightly from the low 80s. Dealers say a vendor financing deal with GE Capital has helped the company's outlook. Pacific Gas & Electric's bank debt moved up to the 86-87 context, trading up from the 82.5 range. An estimated $50 million had changed hands over the week.