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AMC secured paper declines; Bausch improves in thin supply; CommScope slightly better
By Cristal Cody
Tupelo, Miss., Nov. 28 – AMC Entertainment Holdings, Inc.’s bonds edged lower on Tuesday in one of the most active distressed names seen in the secondary market.
AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) fell about ½ point to around 66 bid on more than $19 million of paper traded during the session, a source said.
The company’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) went out more than ¼ point lower at 79¼ bid in trading totaling over $9 million.
In the distressed health care space, Bausch Health Cos. Inc.’s notes were steady to more than 1 point better, but activity was thin on less than $5 million of total volume over the session, a source said.
The 11% senior secured first-lien notes due 2028 (Caa1/CCC+/B) were among the day’s gainers with the issue going out 1¼ points better at 62¼ bid on more than $3 million of volume.
In other distressed paper, CommScope Holding Co., Inc. saw modest gains after softening on Monday.
The 8¼% senior notes due 2027 (Caa2/CCC-) edged up 3/8 point to 46 7/8 bid on less than $3 million of trading on Tuesday.
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