WW International up in distressed trading; AMC flat; Michaels higher on strong interest

By Cristal Cody

Tupelo, Miss., March 12 – WW International Inc.’s distressed 4½% senior secured notes due 2029 (B3/B) climbed ½ point in heavy trading that put it among the most active junk bonds in the secondary market on Tuesday.

The bonds went out at 43½ bid on $12 million of volume, a source said.

On Monday, law firm Bronstein, Gewirtz & Grossman, LLC announced that it is investigating potential claims on behalf of purchasers of WW International securities over possible federal securities law violations.

Overall markets were mostly stronger with volatility on the retreat following the release of the Labor Department’s February Consumer Price Index.

“While core CPI surprised to the upside for the second straight month in February, the details were somewhat more benign than the rounded print may suggest,” according to a BNP Paribas Securities note. “Specifically, sequential shelter inflation fell substantially, allaying fears that January’s strong print may be the new normal through H1 2024.”

AMC Entertainment Holdings, Inc.’s paper steadied in light trading ahead of the company’s federal civil lawsuit settlement announcement after the markets closed.

The 7½% senior secured first-lien notes due 2029 (Caa1/B-) were flat at 69¼ bid, a source said.

Michaels Cos, Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC-) traded 5/8 point better at 70 1/8 bid on $18 million of bonds changing hands by the close, a source said.

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