Spectrasite Holdings' bank debt traded down slightly to the 93.75 range last week, which is down from 94 1/2. Dealers say tower credits are starting to feel the weight of telecom paper. Charter Communications' bank debt traded at 99 3/8, down a quarter of a point, in a $2.5 million swap. Rumors of more cable paper coming out have softened levels, dealers say.
In distressed news, Arch Wireless' bank debt took one of the hardest hits of the week, dropping in trading levels to 27-30 from the low 50s two weeks ago. Approximately $23 million of Dade Behring's paper traded in the 80 range, which is level to recent trades and on the heels of the company's announcement that it had gone into Chapter 11 bankruptcy and would restructure.