Endo lower; Mallinckrodt quiet; AMC down; National CineMedia dips; Shimao softens

By Cristal Cody

Tupelo, Miss., Dec. 17 – Distressed opioid-related pharmaceutical paper stayed mostly quiet on Friday after a federal judge overturned a $4.5 billion settlement with the Sackler family on future opioid claims tied to Purdue Pharma LP.

Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) fell nearly 1 point to 73½ bid, a source said.

Paper from bankrupt pharmaceutical company Mallinckrodt plc was thinly traded over the week and was not seen in the secondary market on Friday.

One of the most active issuers in the distressed space was AMC Entertainment Holdings, Inc. following the company’s announcement that the Thursday opening of Spider-Man: No Way Home broke its box office records.

AMC’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) fell 1 3/8 points to 93 7/8 bid on $27 million of volume, a source said.

National CineMedia, LLC’s notes also were lower on the day.

The company’s 5 7/8% senior secured notes due 2028 (B3/CCC+) softened nearly 1½ points to the 88 bid area.

Bonds from Shimao Group Holdings Ltd. declined after the company was dropped to pure junk by Fitch Ratings and downgraded by Moody’s Investors Service.

Shimao’s 4¾% notes due 2022 (Ba3/BB/BB) fell 1½ points to the 63¼ bid area on $1.4 million of supply on Friday, a source said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.