AMC gains in heavy secondary trading; CommScope notes decline; Enviva bonds plunge

By Cristal Cody

Tupelo, Miss., Nov. 9 – AMC Entertainment Holdings, Inc.’s bonds climbed in heavy post-earnings trading on Thursday, while its stock slid after the issuer filed a prospectus at the start of the day to offer up to $350 million of class A common stock.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) went out 2½ points better at 81½ bid on $51.3 million of trading, a source said.

AMC reported after the market closed Wednesday better-than-expected third-quarter income and revenue, but its risks include its “significant debt balance,” B. Riley Securities, Inc. analyst Eric Wold said in a note Thursday.

CommScope Holding Co., Inc.’s paper dropped as secondary trading ramped up in the name over the day, a source said.

CommScope’s 6% senior notes due 2025 (Caa1/CCC+) fell 1 point to head out at 74½ bid on $29 million of paper changing hands.

One of the day’s most newly distressed names was Enviva Partners, LP after the company posted third-quarter losses, a shake-up in leadership and withdrew its guidance for the year.

Enviva’s 6½% senior notes due 2026 (B3/B-) plunged 31¾ points to hit 32½ bid on more than $60 million of bonds traded, a source said.

The company’s stock (NYSE: EVA) plummeted 77.86% to 85 cents.

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