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AMC paper soft ahead of stock split; Rite Aid moves lower; Cano Health bonds pressured
By Cristal Cody
Tupelo, Miss., Aug. 21 – AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) saw strong trading on Monday after a court denied an objector’s request to halt the company’s plans later this week for its preferred stock.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were quoted at 76 1/8 bid on $12.8 million of trading, a source said.
The issue has softened less than 1 point from a week ago.
AMC’s stock sank over 23% in heavy trading.
Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) dropped 1 1/8 points to head out at 54 5/8 bid on $3.4 million of volume on Monday, a source said.
The notes were among the day’s biggest losers in the secondary market.
Rite Aid’s bonds have dropped over 2 points from where the issue traded last week.
Cano Health LLC’s 6¼% senior notes due 2028 (Ca/C) improved less than ¼ point on Monday to around the 35¼ bid area in thin trading, a source said.
The bonds went out Friday about 7 points lower on the week as the distressed health care company looks for a buyer for the business or its assets.
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