AMC Entertainment improves as new notes eyed; Frontier up despite ratings downgrade

By James McCandless

San Antonio, April 17 – As Friday wound down, the distressed debt space ended on the same optimistic note that was emblematic in the equities market.

AMC Entertainment Holdings, Inc.’s notes moved higher as the company prepared a new offering of five-year first-lien notes.

The 5 7/8% senior subordinated notes due 2026 jumped up 10¼ points to close at 31½ bid. The 6 1/8% senior subordinated notes due 2027 added 9 points to close at 32 bid.

Both tranches combined saw about $12 million change hands.

The Leawood, Kan.-based movie theater chain saw its structure active in the run up to the company’s offering of new five-year first-lien notes.

After the close, the company priced a $500 million issue of 10½% five-year first-lien notes (B3/CCC+) at 98 to yield 11.031%, Prospect News reported.

Elsewhere, wireline telecom name Frontier Communications Corp.’s issues improved despite receiving a ratings cut.

The 10½% senior notes due 2022 gained ¼ point to close at 31¼ bid. The 11% senior notes due 2025 improved by ¾ point to close at 31¾ bid.

By the close, the Norwalk, Conn.-based bankrupt wireline communications name’s issues strengthened despite an early morning ratings downgrade from Moody’s Investors Service.

© 2015 Prospect News.
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