Carvana, Rite Aid, AMC down; Air Methods quiet; Plains up; Oracle paper better

By Cristal Cody

Tupelo, Miss., Nov. 7 – Carvana Co.’s paper declined about 1 point to 3 points on Monday following Friday’s slide of about 5¼ points to 7 points on the heels of a weak third-quarter report.

Carvana’s 10¼% senior notes due 2030 (Caa2/CCC) fell 1¾ points to 45¼ bid on $12.5 million of volume, a source said.

Rite Aid Corp.’s paper gave back some of Friday’s gains with the 7½% senior secured notes due 2025 (B3/CCC-/BB-) down 1¼ points to 70¾ bid, a source said.

AMC Entertainment Holdings, Inc.’s 7½% notes due 2029 (Caa1/B-) were under pressure with the paper down 2½ points at 63½ bid, a source said.

Elsewhere, Air Methods Corp.’s 8% senior notes due 2025 (Ca/CCC) were quiet following a ratings downgrade.

Plains All American Pipeline, LP’s 6 1/8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Ba2/BB/BB) moved up 1½ points to 86¼ bid, a source said.

Also Monday, Oracle Corp. hit the primary market with a long-expected bond offering to fund its acquisition of Cerner Corp.

Oracle’s existing Baa2/BBB-rated paper traded with handles as low as the mid-60s on its longer-dated tranches, according to a market source.

The 4.3% senior notes due 2034 rose about 1½ points to the 83 bid area.

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