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AMC bonds rally in heavy trading; NGL steadies; distressed Hertz, HighPoint paper gains
By Cristal Cody
Tupelo, Miss., Jan. 25 – AMC Entertainment Holdings, Inc.’s bonds rallied across the board on Monday in heavy secondary trading after the company put to bed any talk of bankruptcy.
The company’s 12% second-lien senior secured notes due 2026 (Ca/D) jumped 9½ points to 49½ bid and were among the top traded issues by volume, a source said. The notes went out Friday at 39½ bid.
AMC’s 5¾% senior subordinated notes due 2025 (Ca/C) added 7¼ points to trade at 33½ bid.
Separately, Covid-19 affected car rental company Hertz Corp.’s 5½% notes due 2024 ticked up about ¼ point over the session to trade at 61¾ bid, a source said.
And NGL Energy Partners LP’s 7½% senior notes due 2023 (Caa1/CCC+) were heavily traded on Monday but mostly unchanged from Friday at 92¾ bid following the company’s new bond offering, a source said.
NGL Energy priced $2.05 billion of five-year first-lien senior secured notes at par to yield 7½% on Monday.
Elsewhere in the energy space, the 7% senior notes due 2022 (C/C) from HighPoint Resources Corp. saw thin trading after the notes rose 1 point to 41 bid in heavy secondary supply on Friday, a source said.
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