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Hertz, Frontier, AMC, Diamond Sports bonds trade higher; distressed action thin
By Cristal Cody
Tupelo, Miss., April 22 – Hertz Corp.’s bonds jumped higher in the secondary market on Thursday after a new bankruptcy plan hearing was scheduled for June 10.
The company’s 5½% notes due 2024 hit 106¼ bid by late afternoon, up 1½ points from Wednesday.
In other bankrupt issues trading, Frontier Communications Corp.’s 11% senior notes due 2025 climbed to 73¾ bid from 71 5/8 bid on Wednesday.
Distressed secondary action is not as heavy as some might have expected this year from the Covid-19 fallout that caused some bankruptcies and impacted industries in 2020, a source said Thursday.
“There’s too much cash around,” the source said. “Triple Cs are all at their tights.”
Distressed movie theater owner AMC Entertainment Holdings, Inc.’s 10½% first-lien senior secured notes due 2025 (Caa2/CCC) were quoted about ½ point higher at 107½ bid, up from 73½ bid at the start of the year.
Distressed sports broadcast group Diamond Sports Group LLC’s 6 5/8% senior notes due 2027 (B3/CCC-) traded Thursday at 49½ bid, up from 46¾ bid on Wednesday but still off the 60½ bid range from the start of the year.
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