Trucking paper stays strong; AMC, Endo trade; Frontier drops; Rite Aid lower on week

By Cristal Cody

Tupelo, Miss., July 14 – Bonds in the transportation space are holding strong this week after Yellow Corp. diverted a potential bankruptcy.

Yellow’s issues were not seen causing “any spillover” in other transportation paper such as RXO Inc. this week, a source said.

RXO’s 7½% senior notes due 2027 (Baa3/BB+) were quoted flat at 102½ bid, 103½ offered.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were the day’s big volume mover on $6 million of trading and went out nearly 1 point better on the week at 71¾ bid, 72¾ offered, a source said.

Also, one of the day’s more active distressed names was bankrupt Endo International plc on $4 million of trading supply.

Endo’s 6% senior notes due 2028 were quoted steady on the week at 5 bid, 6 offered.

Some of Frontier Communications Holdings LLC’s paper also was moving in the distressed market on a low 70s handle following news reports over potential liability from leaking lead cables, sources said.

Frontier’s 6% senior secured second-lien notes due 2030 (Caa2/CCC+/BB-) traded down 2¾ points to 3 points at 70 bid, 71 offered.

Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) were mostly unchanged on the day at 43 bid, 44 offered but were lower on the week, a source said.

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