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AMC distressed notes rally; GEO slides; Endo weakens; Mallinckrodt mixed; GTT up
By Cristal Cody
Tupelo, Miss., May 26 – AMC Entertainment Holdings, Inc.’s bonds rallied Wednesday along with its stock in heavy trading action.
The company’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped 2½ points to 95½ bid by the close, a source said.
Meanwhile, GEO Group Inc.’s bonds continued to decline Wednesday following S&P Global Ratings’ downgrade in the prior session.
GEO’s 5 1/8% senior notes due 2023 (B2/CCC) were quoted 3 points weaker at 86½ bid following a 2 point drop on Tuesday.
Elsewhere, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) sank 3¾ points to 66¼ bid, a source said.
Mallinckrodt plc’s bonds were mixed on Wednesday after a court hearing on the company’s Chapter 11 bankruptcy plan of reorganization was rescheduled, a market source said.
The company’s 4¾% notes due 2023 were mostly unchanged on the day at the 21½ bid area but have softened from 23 bid on Monday.
In other distressed trading, GTT Communications, Inc.’s 7 7/8% senior notes due 2024 (/C/) improved to 8 bid from 6 7/8 bid on Tuesday.
Transocean Inc.’s 7½% senior notes due 2026 (Ca) were down about 1 point in the 78 bid range, a source said.
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