Diamond Sports paper trades on heavy quarterly losses; AMC down; Carvana mostly steady

By Cristal Cody

Tupelo, Miss., Nov. 28 – Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (Caa2/CCC-) saw strong turnover on Monday with the bonds among the most active distressed issues traded.

The notes dropped about ½ point to 17 bid after the sports broadcast group reported a heavy $1.2 billion third-quarter loss, a source said.

Secondary supply totaled $13.25 million.

The distressed market also saw lively secondary action on Monday in AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-).

The notes were off about 1¼ points to 1¾ points by the close after rallying 3½ points to 4½ points ahead of the Thanksgiving Day holiday break, sources said.

AMC’s 10% notes were quoted down about 1¼ points at 35¾ bid on more than $17.5 million of secondary volume.

In other distressed paper, Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) went out mostly flat at 44½ bid in thin activity after trading down ½ point earlier in the session, a source said.

The Phoenix-based online car retailer’s notes have given back more than 15 points since the start of the month and were down by more than half since the issue priced at par in April.

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