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Hertz improves; Washington Prime gains; Peabody Energy down; theater names in focus
By Cristal Cody
Tupelo, Miss., Feb. 23 – Bankrupt car rental company Hertz Corp.’s 5½% notes due 2024 jumped 4 points in secondary trading on Tuesday.
The 5½% notes rallied to 79 bid after gaining 3¼ points on Monday, a source said.
Meanwhile, distressed Washington Prime Group, LP’s 6.45% notes due 2024 (C/C/C) recovered ground on Tuesday with the issue trading about 7 points higher at 70 bid in strong secondary supply, a market source said.
The notes headed into the weekend nearly 10 points softer on the week at 63¾ bid.
Coal producer Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/CCC-) traded at 52½ bid on Tuesday, ¼ point better than where the issue was last seen in heavy trading on Thursday, a source said.
In other distressed secondary trading, movie theater owner AMC Entertainment Holdings, Inc.’s bonds continued to gain on Tuesday on the heels of New York City’s plans to reopen theaters on March 5 at 25% capacity.
AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) improved 1 point to 74½ bid after climbing more than 4½ points on Monday, a source said.
Elsewhere, cinema advertiser National CineMedia LLC’s 5¾% senior notes due 2026 (Caa3/CCC-) fell 1¾ points to 86 bid over the session, according to a market source.
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