AMC paper continues streak; Hertz, Chesapeake Energy, Community Health notes gain

By Cristal Cody

Tupelo, Miss., Jan. 28 – AMC Entertainment Holdings, Inc.’s bonds continued pushing higher as trading supply remained heavy on Thursday.

The company’s 10½% first-lien senior secured notes due 2025 (Caa2/CCC) soared past par to trade at 101½ to 101¾ bid by mid-morning after rising 3½ points to 98 bid in the prior session, a source said.

The notes were last seen late afternoon at 101 bid.

AMC’s 5 7/8% senior subordinated notes due 2026 (Ca/C) on Thursday ticked up 4½ points to 50½ bid in heavy secondary trading, the market source said.

In other distressed trading, Hertz Corp.’s 5½% notes due 2024 improved about ¾ point on Thursday to 63¼ bid, a source said.

The Covid-19 affected car rental company filed for Chapter 11 bankruptcy in May 2020.

Chesapeake Energy Corp.’s bonds were flat to better on the day, according to a market source.

Chesapeake Energy’s 11½% senior secured second-lien notes due 2025 traded up to as high as 36¼ bid from 29 bid on Wednesday.

Meanwhile, Community Health Systems Inc.’s 6 7/8% senior notes due 2028 (Ca/CCC-) continued to gain on the heels of the company’s second bond offering this month.

The issue was up about ¼ point in light trading at 91½ bid on Thursday, a source said.

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