Another buy limit order cleared today.

music selection:  “L-O-V-E” — Nat King Cole

Today, I bought the iHeartMedia 10.000 coupon, 15JAN2018 maturity bond for 63.000 cents on the dollar.  This is a “C” rated bond with a historical average recovery rate of 83.89 cents on the dollar.  I should do well.  I paid 7 dollars in commissions and 33.89 in accrued interest.

iHeart carries a lot of debt but I think they should have no problem rolling forward the 2018s as they have trophy assets.  They can also sell some radio properties to raise funds in an emergency.  I wouldn’t want to be in anything with a maturity greater than five years out for them as the economics of the business appear to be in a long term decline.  But this near term bond strikes me as a good buy.

Devour your prey raptors!

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