Staples notes rebound; Spirit Airlines’ paper higher in post-holiday trading; AMC notes up

By Cristal Cody

Tupelo, Miss., Nov. 29 – Distressed names across several sectors were in demand on Wednesday.

Distressed bonds from privately owned Staples Inc. rallied 1¼ points to 62¼ bid in one of the session’s most active bonds in the overall junk market, a source said.

Trading in the 10¾% senior notes due 2027 (Caa2/CCC) pushed past $18 million.

Spirit Airlines Inc.’s 8% senior secured notes due 2025 (B2) also gained in strong trading supply over the day and have picked up more than 1 point since Monday.

The notes were up ¾ point to 72¾ bid on nearly $17 million of secondary action Wednesday, a source said.

The airline’s paper was volatile, though, and a short time later was seen flat on nearly $18 million of trading.

AMC Entertainment Holdings, Inc.’s paper traded ½ point to 1½ points better on the back of more than $31 million of secondary supply Wednesday, a source said.

The 7½% senior secured first-lien notes due 2029 (Caa1/B-) were the busiest among the tranches with over $21 million of paper changing hands Wednesday. The issue was up 1½ points on a 67-bid handle.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) also picked up ½ point to 79¾ bid on $11.25 million of trading Wednesday.

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