Sears Bonds Drop Below Par After $279 Million Quarterly 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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