GEO bonds stem losses; Washington Prime up on extension; AMC, Shelf Drilling higher

By Cristal Cody

Tupelo, Miss., May 28 – GEO Group Inc.’s bonds stemmed losses in distressed secondary trading over Friday’s session.

GEO’s 5 7/8% senior notes due 2024 (B2/CCC) improved nearly 1½ points to 72¾ bid on $2 million of secondary volume, a source said.

The bonds remain down from the 77 bid area the same day a week ago and off the 83¼ bid area from the start of the year.

Washington Prime Group, LP’s 6.45% notes due 2024 (C/D/C) rose nearly 1½ points to 64 bid on $1 million of paper traded over the short market session, a source said.

Washington Prime Group Inc. reported Wednesday it received an extension of a forbearance agreement over a missed payment on the 6.45% notes to June 2.

AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) headed out up 1 point at 98¾ bid on $2 million of secondary supply.

The issue is trading 7 points better on the week.

In distressed energy issues, Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) recovered slightly on Friday after declining 1¾ points in the prior session, a source said.

The notes rose ¾ point to 77½ bid.

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