Weak first quarter earnings announced last week are pushing down the bank debt for Nextel Communications, as the paper dropped two points this week. The paper went to 98 1/2 on the "B/C" tranches and to 97 3/8 on the "D" paper, dealers said. A $10 million piece of Charter Communications' bank debt traded at 99 1/4, which is down slightly. SpectraSite Communications is trading at par.
An auction resulted in $10 million of Integrated Health Services' bank debt trading between 42 and 43. Levels for Washington Group, embroiled in a legal battle with Raytheon, have slid further to 55.