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AMC notes pressured; Level 3 drops in pre-earnings trading; distressed returns gain
By Cristal Cody
Tupelo, Miss., April 30 – AMC Entertainment Holdings, Inc.’s paper came under pressure in heavy volume on Tuesday as trading picked up following the issuer’s release of preliminary first-quarter results on Friday.
AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) gave back the ¾ point it added on Monday to trade at 68¾ bid, a source said.
The 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were quoted about 1 point lower this week at 72¼ bid on $20 million of trading.
Secondary action ramped up with more than $180 million of distressed paper traded just ahead of the close, up from less than $130 million on Monday.
Some of the heaviest-traded riskier names yielding over 20% fell around ½ point to over 1 point on more than $70 million of supply.
Distressed bonds from Lumen Technologies, Inc. subsidiary Level 3 Financing, Inc. mostly declined ahead of Lumen’s release of its first quarter financial results after the market close.
The 3 5/8% senior notes due 2029 (Caa2/CCC-/CCC-) fell ¼ point to 34 bid, a market source said.
Distressed returns were improved this week with the S&P U.S. High Yield Corporate Distressed Bond index one-day total returns climbing on Monday to 0.97% from 0.44% on Friday and 0.33% in the same session last week.
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