Frontier Communications, Hertz, Diamond Sports improve; AMC slips; Callon bonds climb

By Cristal Cody

Tupelo, Miss., March 3 – Frontier Communications Corp.’s bonds saw heavy trading in the distressed space on Wednesday.

The company’s 11% notes due 2025 traded at 58 bid, up about 5/8 point week to date, according to a market source.

Frontier reported Wednesday in a 10-K filing with the Securities and Exchange Commission that it expects to emerge from Chapter 11 bankruptcy early in 2021.

Separately, Hertz Corp.’s bonds gained on Wednesday after softening in the prior session following the company’s report of a buyout offer and filing of a joint Chapter 11 bankruptcy plan of reorganization.

The company’s 5½% notes due 2024 were quoted at 81¼ bid late afternoon.

Meanwhile, Diamond Sports Group LLC’s bonds saw improvements Wednesday after declining last week on soft 2021 guidance, according to a market source.

The company’s 5 3/8% senior secured notes due 2026 (Ba3/CCC+) rose ¼ point to 70 bid.

Distressed movie theater owner AMC Entertainment Holdings, Inc.’s 5¾% senior subordinated notes due 2025 (Ca/C) fell nearly 4 points to 58¾ bid in light trading during Wednesday’s session, a source said.

AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) were quoted more than 1 point softer at 77¾ bid.

And Callon Petroleum Co.’s notes traded 1½ to 2¼ points better over the day, a source said.

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