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AMC better; Embarq climbs; CHS steady ahead of aftermarket post of heavy earnings loss
By Cristal Cody
Tupelo, Miss., Oct. 26 – A few distressed bond names saw strong trading action in the secondary market on Wednesday.
AMC Entertainment Holdings, Inc.’s 7½% notes due 2029 (Caa1/B-) were quoted nearly 1½ points higher and better than 68½ bid.
Secondary supply totaled more than $24 million, a source said.
Embarq Corp.’s 7.995% notes due 2036 (Caa2/CCC/CCC) went out the door up 4¼ points after trading 2¾ points higher on Tuesday.
The notes traded at 41¼ bid on $11.5 million of supply, a source said.
Overall distressed trading volume was lighter with trading heavier in higher-rated junk issues, according to a market source.
CHS/Community Health Systems, Inc.’s 5 5/8% senior secured notes due 2027 (B2/B/BB-) went out mostly flat ahead of the release of the company’s third-quarter report after the markets closed on Wednesday.
CHS reported steep losses for the quarter ended Sept. 30.
The bonds traded as much as 5/8 point lower before bumping up to finish mostly unchanged from Tuesday at the 70¼ bid area, a source said.
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