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HighPoint notes gain; Diamond Sports declines; AMC continues rise; Hertz, Peabody down
By Cristal Cody
Tupelo, Miss., Feb. 25 – HighPoint Resources Corp.’s paper traded up 3 points in strong secondary activity on Thursday.
The company’s 8¾% notes due 2025 (C/C/) and 7% senior notes due 2022 (C/C/) were both quoted at 53 bid, according to a market source.
The natural gas and oil exploration company announced in November that it agreed to merge with Bonanza Creek Energy, Inc.
Meanwhile, Diamond Sports Group LLC’s bonds continued to drop in secondary trading on Thursday as the company contemplates a distressed debt exchange or redemption, sources said.
The company’s 5 3/8% senior secured notes due 2026 (Ba3/CCC+) declined 1¼ points to 74¼ bid after trading down 1 point in the prior session.
Diamond Sports Group’s 6 5/8% senior notes due 2027 (B3/CCC-) traded about ½ point lower at 53¼ bid.
Distressed movie theater owner AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) climbed another 2½ points to 80 bid during the session, according to a market source.
Separately, Hertz Corp.’s 5½% notes due 2024 fell 2¼ points to 77¼ bid, a market source said.
In other trading, distressed coal producer Peabody Energy Corp.’s 6 3/8% senior secured notes due 2025 (Caa1/CCC-) softened ¾ point on Thursday to 49½ bid, a market source said.
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