Bridge Information Systems' bank debt traded up to 35 last week in a $10 million swap. Dealers say levels bottomed out at 13 before hitting 20 more recently and then spiking to the current level. Reuters' proposed buyout is said to be propping up levels, according to traders. "It could work out to be a home run," a dealer said of the merger. The company, based in New York City, provides real-time stock information out of the World Financial Center. It also owns a full-services brokerage firm and provides Internet services to the financial community. A dealer who's active in the name says distressed vultures are snapping up the paper.
Bridge has a $950 million credit facility that expires in 2005. The company sought out the financing for an acquisition.