Staples notes improve pre-earnings; AMC rebound continues; Lumen gives back gains

By Abigail W. Adams

Portland, Me., Sept. 12 – It was a soft day for the distressed debt space on Tuesday with all eyes on Wednesday’s release of the Consumer Price Index report.

As market players await this key piece of inflationary data, performances in the distressed debt space remained credit specific.

Staples Inc.’s senior notes were in focus on Tuesday with its secured and unsecured tranches making large gains ahead of the company’s earnings report.

The 10¾% senior notes due 2027 (Caa2/CCC+) jumped 3 points in heavy volume and closed in the 60½ to 61½ context, a source said.

The 7½% senior secured notes due 2026 (B3/B) gained a more modest 1 point to close at 84½.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) continued to rebound in heavy volume with the notes slashing losses since heavy selling in late August.

The 10% notes were up another 1 point after a 1 point gain the previous session. They closed the day wrapped around 70, a source said.

Lumen Technologies, Inc.’s 4% senior secured notes due 2027 (Caa2/B) continued to give back gains after surging last Friday following an investor presentation.

The 4% notes were off ¾ point to close the day in the 64 to 64½ context.

© 2015 Prospect News.
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