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GEO remains soft; AMC extends rally; Shelf Drilling lower; Transocean up; Endo better
By Cristal Cody
Tupelo, Miss., May 27 – GEO Group Inc.’s bonds continued to decline in heavy trading action on Thursday on the heels of S&P Global Ratings’ ratings downgrade of the private prison operator.
GEO’s 5 7/8% senior notes due 2024 (B2/CCC) were quoted off more than 1 point at the 71 bid area on more than $4.6 million of trading supply.
AMC Entertainment Holdings, Inc. extended a rally in its bonds and stock on Thursday.
The movie theater owner’s 12% second-lien senior secured notes due 2026 (Ca/C) climbed 2¼ points on the day to 97¾ bid on $18 million of paper traded.
In distressed energy issues, Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) dropped 1¾ points to 76¾ bid in light trading totaling $1 million, a source said.
Transocean Inc.’s 7½% notes due 2031 (C/CCC-/) traded up more than 1½ points near the 59½ bid area on less than $1.5 million of trading volume.
Pharmaceuticals maker Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) improved to 69¼ bid on more than $15.7 million of secondary action over the day, a source said.
The notes were last seen on Wednesday at 66¼ bid.
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