The dancing stopped for Comdisco last week after the company announced that it had filed for bankruptcy. Dealers differed over a reported trade at 79 1/2-80, immediately following the announcement. One banker questioned whether the trade actually occurred, saying the bank debt would likely be a solid point lower than the bonds. The bonds were reported at 80 1/2 range on the six year maturity and 82-83 on the nine year maturity. The bank debt traded in the low 60s in early June due to uncertainty surrounding the credit (LMW, 6/3).
Early this year Comdisco officials announced it had drawn down roughly $800 million of its $1.1 billion deal. Last week the company announced it was selling its technology services business to Hewlett Packard for $610 million. Bank of America leads the loan. The Rosemont, Ill.-based company provides computer technology services. Calls to the company were not returned.