AMC paper declines; Staples’ senior and secured bonds pressured; iHeartMedia down

By Cristal Cody

Tupelo, Miss., June 21 – Distressed paper moved lower on Wednesday with issues from AMC Entertainment Holdings, Inc. among the most active over the session.

AMC Entertainment’s bonds traded down about 1 point to more than 1¾ points.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were down 1 point at 70 bid on $13.4 million of volume, a source said.

The company’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) also fell more than 1¾ points to around 72 bid on $6 million of volume.

Staples Inc.’s paper saw further erosion in steady trading on Wednesday after going out Friday down about 1½ points on more than $30 million of secondary action.

Staples’ 10¾% senior notes due 2027 (Caa2/CCC+) sank 4¼ points to 55½ bid on $9.44 million of secondary action, a market source said.

The notes went out in the prior week at 62¼ bid.

Staples’ 7½% senior secured notes due 2026 (B3/B) were quoted down 7/8 point at 80 7/8 bid on $4.5 million of trading during the session.

Declines also continued on Wednesday in iHeartMedia, Inc.’s paper.

iHeartMedia’s 8 3/8% senior notes due 2027 (Caa1/B-) fell 1¼ points to 64 bid on $8 million of activity, a source reported.

The bonds have dropped more than 4 points since Thursday.

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