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AMC bonds soar; distressed energy paper, prison operators GEO, CoreCivic decline
By Cristal Cody
Tupelo, Miss., Jan. 27 – AMC Entertainment Holdings, Inc.’s bonds remain heavily traded with the company’s 10½% first-lien senior secured notes due 2025 (Caa2/CCC) up more than 15 points from a week ago.
The 10½% notes due 2025 climbed another 3½ points on Wednesday to 98 bid, a source said.
AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) saw heavy trading over the day with the notes quoted up 11½ points at 64½ bid.
AMC’s bonds have been stronger over the past two weeks since the company announced additional funding raised, including $917 million of new equity and debt capital that was reported on Monday.
Separately, distressed energy bonds were mostly soft on Wednesday.
In other trading, GEO Group Inc.’s bonds were a “mixed bag” on Wednesday, a market source said.
GEO’s 6% senior notes due 2026 (B1/B+) declined more than 2 points on Wednesday to trade at about 70¾ bid, down nearly 7 points from where the issue was bid in the same session a week ago.
And the 4¾% notes due 2027 (Ba1/BB) issued by CoreCivic, Inc., formerly known as the Corrections Corp. of America, traded more than 1½ points weaker on Wednesday at just under 78 bid, the source said. The notes traded Monday at 86¼ bid.
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