AMC declines as paper dominates trading; Credit Suisse lower; Embarq edges downward

By Cristal Cody

Tupelo, Miss., Oct. 12 – AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) dominated secondary trading on Wednesday with the issue seen at the top of the top-traded junk and distressed issues.

The bonds sank more than 4 points as an AMC subsidiary started marketing for a new $400 million offering of five-year senior secured notes.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) went out with a low 59 handle as volume hit nearly $60 million, a source said.

The bonds traded as low as 55¼ bid during the session.

The company’s other junk paper was trading down about 4 points to 4½ points.

Secondary trading in other issues was fairly thin, a source said.

Credit Suisse Group AG’s 9¾% perpetual securities (B+) dropped more than 3 points to an 89 handle on less than $1 million of secondary supply, a source said.

Embarq Corp.’s 7.995% notes due 2036 (Caa2/CCC/CCC) were little changed in thin trading on Wednesday following a downgraded from S&P Global Ratings.

The notes traded flat to less than ¼ point lower at 44 3/8 bid on $1 million of volume, a source said.

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