American Airlines notes mixed on medical news; Revlon eyed after tender extension

By James McCandless

San Antonio, Aug. 24 – The distressed debt space saw travel and retail names take up much of the attention of market participants on Monday.

American Airlines Group Inc.’s notes varied in direction as the market responded positively to news related to a potential coronavirus treatment.

The 11¾% senior notes due 2025 added ½ point to close at 95¼ bid. The 5% senior notes due 2022 dipped 1 point to close at 62½ bid.

The Fort Worth-based air carrier’s structure, along with much of the travel sector, saw positivity as the market expressed optimism over news of a potential coronavirus treatment.

Over the weekend, the Food and Drug Administration announced that it had granted an emergency use authorization for convalescent plasma as a treatment for Covid-19.

Meanwhile, in retail, Revlon, Inc.’s paper diverged after extending the early deadline for an exchange offer.

The 5¾% senior notes due 2021 declined by 1¾ points to close at 20 bid. The 6¼% senior notes due 2024 tacked on ¾ point to close at 17½ bid.

On Monday morning, the New York-based cosmetics maker announced that the early tender deadline and the expiration time for Revlon Consumer Products Corp.’s private exchange offer and consent solicitation for its 2021 notes have been further extended to 11:59 p.m. ET on Sept. 11, Prospect News reported.

© 2015 Prospect News.
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