AMC slides; Diebold Nixdorf bonds perk up; Rite Aid notes improve, CDS spreads move out

By Cristal Cody

Tupelo, Miss., Oct. 20 – AMC Entertainment Holdings, Inc.’s notes gave back about 2¾ points to 6½ points across the company’s capital structure in strong secondary trading on Thursday.

The 10% senior secured second-lien notes due 2026 (Caa3/CCC-) fell nearly 3 points on $16.73 million of trading action and went out more than 5 points lower at 48¾ bid on another $17.8 million of paper traded, a source said.

Secondary action in the notes climbed on Thursday after AMC announced it closed on a new bond priced last week and filed an 8-K filing with the Securities and Exchange Commission that gave details of the indenture and guarantee agreement.

Diebold Nixdorf Inc.’s notes also racked up secondary interest after the ATM manufacturer announced Thursday that it entered into an agreement with key financial stakeholders to refinance debt with near-term maturities and provide the company with $400 million in additional financing.

Diebold Nixdorf’s 8½% senior notes due 2024 (Ca/CCC-) picked up 3 points to head out at 51 bid on $7.93 million of volume, a source said.

In other distressed paper, Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC-/BB-) traded ½ point better at 63¾ bid, while the drugstore chain’s credit default swap spreads eased more than 450 basis points this week, according to market sources.

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