Bausch up; AMC higher; Diebold Nixdorf improves; Rite Aid notes, CDS spreads soften

By Cristal Cody

Tupelo, Miss., May 13 – Distressed paper remained active on Friday in a session mostly dominated by junk paper from Carvana Co. and Coinbase Global, Inc.

Bausch Health Cos. Inc.’s senior notes rose about 1½ points to over 2 points across most of the company’s bond structure following a downgrade from Moody’s Investors Service and a weak first-quarter earnings report, a source said.

The company’s 5% senior notes due 2028 (B3/B/B) were 2½ points better at 58½ bid.

AMC Entertainment Holdings, Inc.’s bonds traded about 5/8 point to 2½ points higher on Friday.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rose 5/8 point to 69 5/8 bid, a source said.

Diebold Nixdorf Inc.’s notes also were higher during the session.

The 8½% notes due 2024 (Caa1/CCC-) recovered 3½ points to hit 44½ bid after sinking over 30 points earlier in the week, a source said.

Meanwhile, Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC/BB-) were ending the week about 5 points lower at 76¼ bid after declining 1¼ points on Friday.

The drug store chain’s credit default swap spreads also widened about 800 basis points over the past week.

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