Distressed secured paper softens; Bausch, iHeartMedia, AMC lower; index returns up

By Cristal Cody

Tupelo, Miss., May 24 – Just one tranche from Bausch Health Cos. Inc. saw strong secondary action on Wednesday, but the bonds went out as the most traded issue seen in the distressed secondary market.

Bausch’s 4 7/8% senior secured notes due 2028 (Caa1/CCC+/B) gave back ¾ point in volume totaling about $12 million, a source said.

The notes were quoted at 61 bid.

Bausch’s issue has declined about 2 1/8 points this week.

In the distressed media space, iHeartMedia, Inc.’s bonds also were active on more than $14 million of trading during the session.

The company’s notes have softened about 2 points to 3 points so far this week.

iHeartMedia’s 5¼% senior secured notes due 2027 (B1/BB-) traded Wednesday at 69¼ bid on $8.5 million of supply, a source reported.

iHeartMedia’s 6 3/8% senior secured notes due 2026 (B1/BB-) went out with a 75 bid handle on $6 million of volume.

AMC Entertainment Holdings, Inc.’s paper also extended declines on Wednesday.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) shed ½ point after giving back ¼ point in the prior session, a source said.

The notes went out at 61¾ bid on $6.4 million of trading.

© 2015 Prospect News.
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