Comdisco's bank debt slipped to the low 60s in a $10 million trade last week as uncertainty surrounded the credit. Bank of Tokyo-Mitsubishi was rumored to be the seller, though it could not be confirmed. Officials at the bank did not return calls by press time. A company spokeswoman declined to comment on trading levels. "We're reassessing our business, so we're really not in a position to comment at this time," she said.
Another dealer noted the company's problems go beyond a prospective acquisition. "You're not going to see interest in the credit. There's too much hair to get real interest," he said. Earlier this year Comdisco officials announced that the company had drawn down roughly $800 million of its $1.1 billion deal. Comdisco's bonds quickly plummeted about 20 points, from 85 to 60. Meanwhile, levels for the bank debt were reported in the 60-65 range. The deal matures next December. Bank of America leads the deal. Calls to the bank were not returned.