Odeon prices, AMC notes lower; Albertsons jumps on merger news; Baytex junk bonds active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 14 – AMC Entertainment Holdings, Inc.’s indirect subsidiary Odeon Finco plc brought new paper into the high-yield bond sphere on Friday.

Meanwhile, volatility continued in the secondary space although the swings between high and low were less severe than on Thursday, a source said.

Albertsons Cos., Inc.’s senior notes continued their upward momentum as Kroger announced its acquisition of the grocery store chain for $24.6 billion.

The notes will be rolled into Kroger’s capital structure with an investment-grade rating one of Kroger’s goals.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) continued their downtrend following the pricing of the latest offering.

Baytex Energy Corp.’s 8¾% senior notes due 2027 (B3/B+) were improved in heavy volume after a leadership change.

While Twitter Inc.’s bonds were inactive, market chatter continues around one of the market’s most bizarre takeover sagas with the company’s 5% senior notes due 2030 offering plenty of upside if the deal goes through.

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