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Envision Healthcare notes higher after downgrade; Diebold Nixdorf recovers; AMC better
By Cristal Cody
Tupelo, Miss., May 3 – Distressed paper saw gains over the day as primary action thinned and market volatility fell ahead of the Federal Reserve’s rate decision due Wednesday.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) improved 2 points in strong trading action after opening May down more than 6 points.
The notes rose to 36½ bid on $8 million of volume on Tuesday, a market source said.
S&P Global Ratings downgraded the issuer during the session to SD and the notes to D due to a distressed exchange reported Friday.
Diebold Nixdorf Inc.’s 8½% notes due 2024 (Caa1/CCC) jumped 5½ points to a quote of 73½ bid on $9 million of volume seen in the issue on Tuesday, a source said.
Diebold Nixdorf’s notes recovered 2 points on Monday after sinking 10½ points ahead of the weekend.
Also Tuesday, AMC Entertainment Holdings, Inc.’s first- and second-lien paper climbed ¼ point to over 1 point as the company prepares to post first-quarter results next week, according to a market source.
The 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rose ¼ point to 84 bid on $11 million of supply on Tuesday.
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