AMC bonds gain on preferred offer; Embarq recovers some losses; Rite Aid declines

By Cristal Cody

Tupelo, Miss., Sept. 26 – AMC Entertainment Holdings, Inc.’s paper rallied following the company’s announcement on Monday that it plans to sell up to 425 million of its new preferred equity units.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) climbed 3 points to 75½ bid by late afternoon, a source said.

Volume was strong with $10.3 million of paper reported traded.

Embarq Corp.’s 7.995% notes due 2036 (Caa2/BB/BB) regained some ground after giving back more than 24 points in the prior week.

The notes recovered more than 6¼ points to trade with a 56 handle on secondary volume of nearly $14 million, a source said.

In other secondary action, Medline Industries, LP’s paper saw some of the day’s heaviest trading, a market source said.

Medline’s 5¼% notes due 2029 (Caa1/B-) were down 1¾ points at 76 1/8 bid and yielding over 10% on more than $18 million of volume.

Otherwise, distressed secondary supply overall stayed light through the day with paper in the emerging markets space among the busiest names, a source said.

Rite Aid Corp.’s 7.7% senior debentures due 2027 (Caa2/CCC-/CCC) dropped 4¼ points in light activity totaling about $1 million.

The bonds were quoted at 65½ bid by the close on Monday, a source said.

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