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AMC edges lower; Shutterfly bonds shoot up 8-plus points; Rite Aid secured notes gain
By Cristal Cody
Tupelo, Miss., May 23 – AMC Entertainment Holdings, Inc.’s paper saw some of the heaviest distressed secondary action on Tuesday after the movie theater owner announced discounted summer movie tickets.
The company’s bonds were trading about ¼ point to 3/8 point lower on more than $14 million of volume, a source said.
The 10% senior secured second-lien notes due 2026 (Caa3/CCC-) declined ¼ point to 62 bid in the most active issue on $9 million of volume.
AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) fell 3/8 point to 70 3/8 bid on $5.18 million of trading.
Shutterfly, LLC’s 8½% senior secured notes due 2026 (B2/CCC) shot up 8½ points on Tuesday, though trading was thin.
The notes were trading at 58 bid on $1 million of volume, according to a market source.
The bonds have climbed about 13 points from a week ago when Shutterfly announced the launch of a debt exchange offer and consent solicitation.
Also Tuesday, Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/CCC) picked up about 1½ points to a quote of 54 bid, a source said.
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