Tupperware notes trade higher on redemption plan; AMC eyed after earnings report

By James McCandless

San Antonio, Nov. 3 – Retail and entertainment sector bonds were the focus of trading in the distressed debt market on Tuesday.

Tupperware Brands Corp.’s notes were seen moving higher after announcing a plan to redeem all outstanding senior notes.

The 4¾% senior notes due 2021 popped up 3¼ points to close at 100½ bid.

After the close on Monday, the Orlando, Fla.-based housewares marketer announced plans to redeem all $380.2 million outstanding senior notes, Prospect News reported.

The company plans to fund the redemption and all related fees and expenses using proceeds from its term loan facilities and cash on hand.

Following the execution of the redemption, the company will not have any debt maturing until fourth-quarter 2023.

Meanwhile, theater operator AMC Entertainment Holdings, Inc.’s issues varied in direction after the release of its third-quarter earnings.

The 12% notes due 2026 garnered ¾ point to close at 5¾ bid. The 10½% notes due 2026 held level to close at 54 bid.

After the close on Monday, the Leawood, Kan.-based movie theater chain released its earnings report for the third quarter.

The company showed a loss per share of $5.70, worse than the analyst consensus of a $4.66 per share loss.

Revenues came in at $119.5 million, above estimates.

© 2015 Prospect News.
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