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AMC notes head up; Home Point nudges higher; Envision rallies; Summit Midstream drops
By Cristal Cody
Tupelo, Miss., Feb. 25 – Distressed secondary action slowed on Friday as the markets absorbed volatility surrounding Russia’s invasion of Ukraine.
The most active bond issues were seen from AMC Entertainment Holdings, Inc. and Home Point Capital Inc., sources reported.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) gained 2 7/8 points on Friday to 93 bid on over $18.5 million of notes traded.
Home Point Capital’s 5% senior notes due 2026 (B3//B-) picked up ½ point to hit 83 bid on $11.75 million of volume after the company reported disappointing fourth-quarter earnings the previous day.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) also rallied another 2¼ points to 52¼ bid on Friday after gaining 4 points the prior day.
“It really just seemed like today was a bounce back for most of the high-yield and distressed market, but not too crazy,” a source said.
Meanwhile, Summit Midstream Holdings LLC’s 5¾% senior notes due 2025 (Caa2/B-) dropped 3½ points to 85½ bid as its stock plunged over 30% on Friday following the company’s report of a fourth-quarter loss and adjusted 2022 guidance.
Kernel Holding SA’s 6½% senior notes due 2024 (B+/BB-) traded Friday at 42½ bid, down from 81 bid at the start of the week, a source said.
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