Exodus Communications' bank debt stumbled out of the 100 range after the departure of the company's cfo, Dick Stoltz, late Tuesday. There were reported trades in the 95-96 range totaling $10 million. The Web hosting company's levels are also said to be taking a beating as the industry has fallen out of favor. "It's emerging telecom, so it's a risk that people don't want to go near," a dealer said. "I had a 99 bid out there for a while, and no one would touch it." Exodus, based in Santa Clara, Calif., provides services like server hosting and Internet connectivity that allow businesses to outsource the management of their Internet sites. Calls to a company spokesman were not returned.
The company has a $750 million credit facility that breaks down into two tranches and expires in 2005. J.P. Morgan Chase and Merrill Lynch are the lead arrangers, according to Capital DATA Loanware.