Global Crossing's bank debt notched up then softened last week in a $3 million trade. Dealers reported levels inched up to 941/ 2 from 90, and later reports indicated the levels had come back a bit to the 92 range. With the telecom sector getting hammered these past few weeks, a dealer attributed the trade to luck. "Someone saw an opportunity and hit it," a dealer said. Calls to the company were not returned.
Two weeks ago Global Crossing's levels plummeted from 98 to 90 on sector woes. Dealers noted it was still one of the stronger telecom credits. Global Crossing has a $1 billion deal that breaks down into three tranches and expires in 2007. J.P. Morgan, Goldman Sachs, Deutsche Bank, Citicorp, Merrill Lynch, and CIBC World Markets lead the deal. Pricing is LIBOR plus 23/ 4%.