360 Networks is being shuffled in the market, trading in the 55-60 range. Dealers say $30-40 million traded last week and that levels are down slightly from the 65-68 range the previous week. "They're just feeling the effects of all the telecom paper," said a dealer of the heavy trading volume. Another pointed to a recent downgrade of the bank debt to Caa3 from B2. The Vancouver, British Columbia-based company offers broadband network and services. Calls to a spokesman were not returned by press time.
The company has a $1.2 billion loan that breaks down into three tranches. Pricing is 41/2 % over LIBOR. J.P. Morgan Chase and Credit Suisse First Boston are the lead arrangers, according to Capital DATA Loanware.