AMC declines; DISH dips; iHeart higher; Lumen, Level 3 down; Wolverine little changed

By Cristal Cody

Tupelo, Miss., Aug. 22 – Familiar names in the distressed debt market dominated secondary trading on Tuesday, sources reported.

AMC Entertainment Holdings, Inc.’s, DISH Network Corp.’s and iHeartCommunications, Inc.’s paper saw heavy trading over the session that put the securities among the most active junk bonds traded.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) dropped 7/8 point to 75¼ bid on $15.5 million of volume ahead of its plans to wipe out its preferred stock class this week.

DISH’s 7¾% senior notes due 2026 (Caa2/B-) were modestly lower at just under 74 bid on $14.6 million of trading.

iHeartCommunications’ 8 3/8% senior notes due 2027 (Caa1/B-) added 1½ points to head out at 68 bid on $13.66 million of trading.

Meanwhile, paper from Lumen Technologies, Inc. and subsidiary Level 3 Financing, Inc. fell more than 1 point following a downgrade from Moody’s Investors Service on Tuesday.

Level 3’s 4 5/8% senior notes due 2027 (B3/CCC+) gave back 1½ points to 73¾ bid on $13.55 million of supply, a source said.

Wolverine World Wide Inc.’s 4% senior notes due 2029 (B1/B+) traded modestly higher with a 73 bid handle in thin activity after the distressed company was downgraded, a source said.

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