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AMC higher; FLY Leasing rebounds; Community Health notes drop ahead of earnings
By Cristal Cody
Tupelo, Miss., Oct. 21 – AMC Entertainment Holdings, Inc.’s notes saw a small bounce back on Friday after sliding about 2¾ points to more than 6 points the previous day.
AMC’s 7½% notes due 2029 (Caa1/B-) recovered about 1½ points to around 68 bid following a 2¾-point drop on Thursday.
Secondary volume totaled more than $21 million, a source said.
FLY Leasing Ltd.’s paper saw improvement on Friday with the 7% notes due 2024 (Caa2/D) trading 3½ points higher at 77¾ bid after a downgrade this week from S&P Global Ratings, a source said.
Meanwhile, Community Health Systems Inc.’s notes gave back about 2 points to more than 5 points in strong trading action totaling more than $32 million ahead of its third-quarter earnings release next week.
CHS/Community Health Systems, Inc.’s 8% senior secured first-lien notes due 2026 (B2/B/BB-) declined 4¾ points to 80¼ bid by the close on $6.3 million of volume, a source said.
The company’s 6 7/8% senior secured notes due 2029 (Caa2/CCC/CCC) were quoted around 37¾ bid on lighter supply totaling $2 million.
In other distressed market activity, Moody’s Investors Service said its forecast calls for the U.S. speculative-grade default rate to rise to 4.8% in the year ahead, higher than the long-term average of 4.7%.
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