AMC second-lien notes rally; Rite Aid paper, CDS spreads improve; Endo, Talen soften

By Cristal Cody

Tupelo, Miss., May 26 – AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rallied 3¾ points in the strongest trading action seen in the distressed space on Thursday.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) climbed 3¾ points to 74 bid on volume totaling $22 million, a source reported.

Meanwhile, Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC/BB-) were trading over 5 points better on the week, while the drugstore’s credit default swap spreads also tightened this week.

Rite Aid’s 8% senior secured notes due 2026 (B3/CCC/BB-) rose over 2 points to the 81½ bid area.

The drug retailer’s CDS spreads tightened 166 basis points in the past week ended Wednesday to 3,185 bps.

Looking at other distressed paper, Endo International plc’s senior notes shed 1 point over the day after softening ¾ point in the prior session.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CC) were quoted at 7 bid on $4 million of secondary volume.

Talen Energy Supply LLC’s 10½% senior notes due 2026 (/D/C) also dropped ½ point to 55 bid on Thursday, a market source said.

Trading was steady on $4 million of volume.

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