DSPORT 5 ⅜ 08/15/26

Diamond Sports Group, LLC

Credit, TMT


Publicly traded companies mentioned herein: Alphabet Inc (GOOGL), Bally’s Corp (BALY), Comcast Corp (CMCSA), Sinclair Broadcast Group Inc (SBGI), Walt Disney Co/The (DIS) 

Highlights

The presenter owns the secured and unsecured bonds of Diamond Sports, which are trading near 81 and 60 respectively. Uncertainty surrounding the company’s ability to generate FCF and the possibility of liability management exercises are believed to be responsible for the current discounts to par. While he likes both offerings, he is more enthusiastic about the unsecured bonds which have more upside, as he finds it highly unlikely the company fails to meet its debt obligations, and believes any liability management actions taken will benefit bondholders.

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Idea Discussion

Commentor 1 - 2 weeks ago

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