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Lumen, Level 3 higher; AMC flat to better; iHeart paper, CDS spreads improve
By Cristal Cody
Tupelo, Miss., Sept. 8 – Bonds from Lumen Technologies, Inc. and subsidiary Level 3 Financing, Inc. mostly improved on Friday as some of the most active distressed names moving in an otherwise fairly quiet day.
Level 3’s 4 5/8% senior notes due 2027 (B3/CCC+) hit 77 bid after picking up more than 1¼ points during the session on $12 million of trading, a source said.
Level 3’s 3¾% senior notes due 2029 (B3/CCC+) added 1½ points to a quote of 60 bid on $7 million of volume.
Lumen Technologies’ 4% senior secured notes due 2027 (Caa2/B) were mostly flat around 66 bid on $7 million of supply on Friday.
AMC Entertainment Holdings, Inc.’s notes overall traded mixed on $12 million of activity during the session, a source said.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were over ½ point better at 67 5/8 bid on $6 million of activity.
iHeartCommunications, Inc. saw improvement this week and Friday in its credit default swap spreads and bonds.
The company’s 8 3/8% senior notes due 2027 (Caa1/CCC+) rose ¼ point to 70¾ bid, a source said.
Secondary action was light with $3 million of notes traded.
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