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AMC lower; Credit Suisse CDS spreads firm; Rite Aid weakens; Embarq soft; Bausch down
By Cristal Cody
Tupelo, Miss., Oct. 13 – AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) gave back another 1½ points in strong trading action on Thursday after shedding more than 4 points on Wednesday.
The issue went out at 59 bid on $27.5 million of paper traded, a source said.
Credit Suisse Group AG saw improvements in its credit default swap spreads this week, while its 7½% perpetual notes were trading about 2 points lower over the day at the 82 bid area, sources said.
Rite Aid Corp.’s bonds were more than 5 points lower on the week, and its CDS spreads widened another 120 basis points this week after moving out nearly 800 bps the previous week.
The pharmacy chain’s 8% senior secured notes due 2026 (B3/CCC-/BB-) edged up ¼ point to 62 7/8 bid with more than $4 million of paper traded over the day, a source said.
CDS spreads from Lumen Technologies, Inc. and just acquired Embarq Corp. also widened this week, while Embarq’s paper declined about 2¼ points in light trading action on Thursday.
Embarq’s 7.995% notes due 2036 (Caa2/CCC/CCC) were quoted at 42 1/8 bid.
Elsewhere, Bausch Health Cos. Inc.’s 9¼% senior notes due 2026 (Ca/CCC/CC) softened more than 3¾ points to 55 bid, a source said.
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