Lumen, Level 3 little changed; iHeartMedia improves; AMC flat; distressed returns down

By Cristal Cody

Tupelo, Miss., June 26 – Lumen Technologies, Inc.’s 4% senior secured notes due 2027 (B3/BB-) were little changed on Monday in strong trading that topped $10 million, putting the bonds among the most active junk and distressed issues on the tape, a source said.

The issue improved less than 1/8 point to a print of 73.87.

Lumen subsidiary Level 3 Financing, Inc.’s 3¾% senior notes due 2029 (B1/B) were quoted at 58½ bid on $7 million of trading Monday.

Level 3 Financing’s 3 7/8% senior notes due 2029 (B1/B) also traded over the session at 58½ bid on $2.5 million of secondary supply.

Lumen’s stock rallied nearly 10% on the day.

In other distressed paper on Monday, iHeartMedia, Inc.’s 8 3/8% senior notes due 2027 (Caa1/B-) added more than 1 point by the close.

iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/B-) traded at a print of 64.96 on $1.3 million of volume, a source said.

AMC Entertainment Holdings, Inc.’s. 10% senior secured second-lien notes due 2026 (Caa3/CCC-) went out flat at 71 bid after shedding 1½ points on Friday, a source said.

Trading totaled $5.5 million.

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