Select tranches of a BWIC portfolio containing illiquid debt and equity positions, which circulated the market last week, traded after the Monday (14 December) bid deadline, according to three sources familiar with the matter.
The seller of the portfolio is likely Southpaw Asset Management, as reported.
One of the securities that traded was 9.9m shares of Tribune Resources’ Class A equity, the sources said. Cantor Fitzgerald acted as dealer for the trade, they added.
Separately, Cantor also facilitated a sale of roughly 8m Tribune Resources shares from a different seller, they added. That seller listed the portion at 85 cents, two of the sources and an additional source said.
The Tribune shares in both transactions were ultimately offloaded at around 60 cents, to more than one buyer, two of the sources said.
Other credits in the BWIC portfolio that traded this week include Real Alloy’s second lien PIK notes and Borr Drilling’s unsecured notes, another source said.