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AMC notes higher; Endo gains; Lannett quiet; Mallinckrodt mostly flat; Yuzhou lower
By Cristal Cody
Tupelo, Miss., Feb. 9 – AMC Entertainment Holdings, Inc.’s notes are trading higher so far this week following the company’s new secured bond offering.
The theater owner has a stronger capacity to buy back debt than believed when it priced the 7½% first-lien senior notes due 2029 on Feb. 2, according to a report Wednesday from Covenant Review.
AMC’s 5¾% senior subordinated notes due 2025 (Ca/CCC-) were quoted at 78 bid, up about ¼ point on the day and 2½ points on the week.
Elsewhere, Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) jumped about 2 points in early trading and held on to a 1-point gain by the close to head out at 67½ bid, a source said.
Mallinckrodt plc’s 5½% senior notes due 2025 were ¼ point lower on the week at 54½ bid on Wednesday.
Lannett Co., Inc.’s bonds were quiet following a ratings downgrade.
The 7¾% senior secured notes due 2026 (B3/B-) were last seen trading on Monday at 63 bid, down from the 78 bid area the prior week, a source reported.
Meanwhile, Yuzhou Group Holdings Co. Ltd.'s paper slipped further after the company was dropped to restricted default by Fitch Ratings.
Yuzhou Properties Co. Ltd.’s 7.7% senior notes due 2025 (Caa3//C) fell about 1¾ points to the 18¾ bid area.
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