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AMC down; Ligado, Diamond Sports, Nabors bonds perk up; Frontier better; CBL flat
By Cristal Cody
Tupelo, Miss., April 28 – AMC Entertainment Holdings, Inc.’s bonds softened in heavy distressed secondary trading on Wednesday, a day after the company reported expectations of a first-quarter loss and plans to issue new stock.
AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) fell 1¼ points to 85¾ bid on more than $30.5 million of issues traded, a source said.
Ligado Networks’ 15½% senior secured first-lien notes due 2023 (Caa1) traded ½ point better to hit par on Wednesday.
Diamond Sports Group LLC’s 6 5/8% senior notes due 2027 (Caa2/CCC-) edged up another 1/8 point to 53 5/8 bid in continued heavy secondary supply.
Oil and gas drilling contractor Nabors Industries Inc.’s 5¾% senior notes due 2025 (Caa2/CCC-) were seen up about 1 point at 80½ bid during the session.
Frontier Communications Corp.’s 11% senior notes due 2025 rose ¼ point to 75½ bid by late afternoon.
Bankrupt real estate investment trust CBL & Associates LP’s 5¼% notes due 2023 traded flat on the day at 57½ bid, a source said.
The bonds are down ½ point from the same day a week ago but up from the 40 bid range at the start of the year.
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