Rite Aid notes mixed, CDS spreads gap out; AMC improves; iHeart trades higher

By Cristal Cody

Tupelo, Miss., Aug. 31 – Rite Aid Corp.’s paper mostly improved on Thursday and remained stronger on the week, while the retailer’s credit default swap spreads moved out more than 8,000 basis points this week.

The 8% senior secured notes due 2026 (Caa3/C/B) slipped ¼ point to 63½ bid in one of the more active distressed names trading on $4 million of volume, a source said.

Rite Aid’s 7.7% senior bonds due 2027 (Ca/C/CC) improved to 13 3/8 bid on $2.5 million of secondary supply, up from where it was quoted on Wednesday at 10 bid, 12 offered.

Rite Aid’s 7½% senior secured notes due 2025 (Caa3/CCC-) also were up ¼ point at 63½ bid on $2.3 million of activity.

AMC Entertainment Holdings, Inc.’s bonds on Thursday continued to recover from last week’s losses following the company’s reverse stock split.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) by late afternoon were up 1¼ points at 69½ bid on $20 million of volume, putting it among the most active junk names, a source said.

iHeartCommunications, Inc.’s paper also saw steady volume that put it among the busier distressed names trading on Thursday, a source said.

iHeartCommunications’ 8 3/8% senior notes due 2027 (Caa1/CCC+) improved 5/8 point to 69½ bid on nearly $8 million of volume.

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