UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2013
Check here if Amendment [ ]; Amendment Number:
------------
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Covalent Partners LLC
Address: 930 Winter Street, Suite 2800 Waltham, MA 02451
Form 13F File Number: 28-14764
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: William C. Stone, Jr.
Title: Principal, Chief Financial Officer & Chief Compliance Officer
Phone: 617-658-5508
Signature, place, and Date of Signing:
William C. Stone, Jr. Waltham, MA May 14, 2013
------------------------- ---------------------- ---------------------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: None
Form 13F Information Table Entry Total: 30
Form 13F lnformation Table Value Total: $299,777 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
No. Form 13F File Number Name
NONE N/A N/A
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
APPLE INC COM 037833100 7,879 17800 SH SOLE 17800 0 0
AMERISTAR CASINOS INC COM 03070Q101 13,767 524861 SH SOLE 524861 0 0
BANCO SANTANDER BRASIL SA ADS REP 1 UNIT 05967A107 7,720 1063410 SH SOLE 1063410 0 0
BANK OF AMERICA CORP COM 060505104 994 81638 SH SOLE 81638 0 0
BELO CORP COM SER A 080555105 10,882 1106980 SH SOLE 1106980 0 0
CITIGROUP INC COM 172967424 20,556 464642 SH SOLE 464642 0 0
CIT GROUP INC COM NEW 125581801 6,000 138000 SH SOLE 138000 0 0
CUMULUS MEDIA INC CL A 231082108 5,633 1671449 SH SOLE 1671449 0 0
DANA HLDG CORP COM 235825205 14,629 820488 SH SOLE 820488 0 0
D.R. HORTON INC NOTE 2.000% 5/1 23331ABB4 37,700 20000000 PRN SOLE 20000000 0 0
EXIDE TECHNOLOGIES COM NEW 302051206 1,102 408099 SH SOLE 408099 0 0
FORD MOTORS CO COM 345370860 7,798 593000 SH SOLE 593000 0 0
GENERAL MTRS CO COM 37045V100 15,290 549600 SH SOLE 549600 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 6,151 41800 SH SOLE 41800 0 0
INTERNATIONAL GAME TECHNOLOG NOTE 3.25% 5/0 459902AQ5 10,794 10000000 PRN SOLE 10000000 0 0
INTERNATIONAL SPEEDWAY CORP CL A 460335201 12,433 380441 SH SOLE 380441 0 0
ISHARES TR RUSSELL 2000 464287655 250 1000000 SH PUT SOLE 1000000 0 0
LIGAND PHARMACEUTICALS COM NEW 53220K504 4,653 174589 SH SOLE 174589 0 0
MGM RESORTS INTERNATIONAL NOTE 4.25% 4/1 55303QAE0 15,742 14500000 PRN SOLE 14500000 0 0
NCI BUILDING SYSTEMS INC COM 628852204 12,266 706159 SH SOLE 706159 0 0
PINNACLE ENTMT INC COM 723456109 14,740 1008201 SH SOLE 1008201 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 17,637 869240 SH SOLE 869240 0 0
SPEEDWAY MOTORSPORTS INC COM 847788106 6,205 344902 SH SOLE 344902 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 5,360 34215 SH SOLE 34215 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F903 973 790000 SH CALL SOLE 790000 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 6,211 743837 SH SOLE 743837 0 0
STONERIDGE INC COM 86183P102 16,266 2131868 SH SOLE 2131868 0 0
U S AIRWAYS GROUP INC COM 90341W108 5,592 329500 SH SOLE 329500 0 0
WMS INDS INC COM 929297109 11,981 475267 SH SOLE 475267 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 2,574 473154 SH SOLE 473154 0 0
Page 1