Total Play Bonds Drop as BNP Cautions Over Working Capital Level

Total Play bonds tumbled Thursday after BNP Paribas analyst Alexis Panton expressed concern over the level of working capital at the Internet and cable provider.

• The company’s 2028 bonds fell 4.5 cents to 52.5 cents on the dollar, the lowest since May, according to Trace data
  • Meantime, the notes issued in an exchange this year slipped 2 cents to 81 cents on the dollar, per Trace
• “We remain concerned about Total Play’s working capital situation, with last reported ~$975 million of supplier debt at very stretched average days-payable terms of 700 days (about 23 months),” he wrote in a note ...