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Washington Prime, Intelsat extend declines; Hertz, Frontier better on month; AMC higher
By Cristal Cody
Tupelo, Miss., Feb. 17 – Washington Prime Group, LP’s bonds saw heavy trading over Wednesday’s session and weakened further after the company disclosed its operating partnership missed an interest payment on the issue.
The 6.45% notes due 2024 (C/C/C) traded at 62½ bid going out, a market source said.
On Tuesday, the notes sank 9¼ points to 63¾ bid on trading volume of more than $21 million.
Intelsat Jackson Holdings SA’s bonds remained heavily traded and continued to see losses on Wednesday in the distressed secondary space, a source said.
Intelsat Jackson’s 5½% senior notes due 2023 declined 2¼ points to 60 bid on Wednesday. The notes are down 5¾ points from Friday. Other Intelsat issues were also lower.
Bankrupt car rental company Hertz Corp.’s 5½% notes due 2024 saw heavy secondary supply on Wednesday with the issue trading at 67 to 68½ bid over the day, a source reported.
Meanwhile, Frontier Communications Corp.’s 7 5/8% notes due 2024 were active on Wednesday, trading at 53¾ bid as the session closed, a source said.
And movie theater owner AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) traded at 65¾ bid to better than 66½ bid going out on trading volume of more than $13 million, a source said.
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