AMC jumps in heavy trading; GEO on mend; Peabody higher; Transocean, Ensign, Nabors up

By Cristal Cody

Tupelo, Miss., June 3 – AMC Entertainment Holdings, Inc.’s bonds saw heavy trading action in the distressed secondary market on Thursday as its stock dropped nearly 18% over the session.

AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped 3¼ points to hit 100¾ bid on $50.75 million of paper traded, a source said.

GEO Group Inc.’s bonds have been on the mend after declining about 4 to 5 points in the prior week following S&P Global Ratings’ downgrade, a source reported.

GEO’s 6% senior notes due 2025 (B2/CCC) headed out at 65 bid, up more than 2½ points, on $3 million of trading activity.

In the energy space, Peabody Energy Corp.’s bonds remained better on Thursday following S&P’s downgrade, a source said.

The 6 3/8% notes due 2025 (Caa1/D) added ¾ point to trade at 60¾ bid going out.

Transocean Inc.’s bonds were up about 1½ to 2¼ points over the day, a source said.

The 8% notes due 2027 (Ca/CCC) were quoted trading 1½ points better at 78½ bid.

Ensign Energy Services, Inc.’s 9¼% senior notes due 2024 (Caa2/CCC+) improved 2 points to 82½ bid.

Also, Nabors Industries Ltd.’s 7¼% senior notes due 2026 (Caa1/CCC-/B) rose more than 1¼ points to 92½ bid on $2.3 million of issues traded.

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