Telecom credits that are taking a hit in the industry crash include McLeodUSA, which traded down to 74 before hitting 77 later this week. Level 3 traded down to 64, a credit that had been in the 80s just weeks ago. 360Networks is trading in the 19 range, after news broke that it had missed a bond payment a little more than a week ago and is the subject of Chapter 11 bankruptcy speculation. Superior TeleCom's bank debt is trading in the high 60s-low 70s, a drop from the 90s levels last summer. A $20 million chunk of Genesis Healthcare traded at 72, which is level to recent trades.
Still hanging in at par is Nextel Communications, with levels softening to the 92 range, down from 95 two weeks ago. Even par dealers are dabbling in the distressed market this week and say there's little activity in par credits as people sift through the telecom wreckage.