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Rite Aid keeps week’s gains; AMC second-lien notes up; Lumen slips; August index down
By Cristal Cody
Tupelo, Miss., Sept. 1 – Distressed debt trading slowed on Friday as desks cleared ahead of the long Labor Day holiday weekend with secondary volume topping out around $46 million in the day’s most active issues, sources reported.
Rite Aid Corp.’s 8% notes were seen among the busiest of the day’s distressed paper on just $4 million of notes traded, a source said.
The bonds were flat on the day at 63½ bid but over 7 points better on the week.
AMC Entertainment Holdings, Inc.’s paper also was among the day’s most active distressed bonds on $7.5 million of trading supply but were mixed by late afternoon.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rose ¼ point to 69¾ bid, while the 7½% senior secured first-lien notes due 2029 (Caa1/B-) dropped 1 3/8 points to 68¼ bid, a source said.
Lumen Technologies, Inc.’s 7.65% senior notes due 2042 (Caa3/CCC-/CCC+) dropped 1 7/8 points to 28 bid on $3 million of trading late afternoon, a source said.
Lumen’s 5 5/8% senior notes due 2025 (Caa3/CCC-/CCC+) also fell ¾ point to 78 bid on $1.64 million of volume.
The S&P U.S. High Yield Corporate Distressed Bond index ended August with 1.9% of returns, down from 2.96% in July and 4.67% in June.
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