May 24 (Bloomberg) -- Bonds of Sears Holdings Corp. plunged to less than par after the retailer controlled by hedge-fund manager Edward Lampert reported a $279 million first-quarter loss.
The company’s $987.4 million of 6.625 percent second-lien debt dropped 2.75 cents to 98 cents on the dollar to yield 7.08 percent as of 10:24 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The notes had reached 101.25 two weeks ago from as low as 76 cents on the dollar in December 2011.
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