AMC notes lower in strong volume; Bausch rises; CSC paper down; Carvana stages rally

By Cristal Cody

Tupelo, Miss., Dec. 9 – Several distressed names saw heavy trading in the secondary market over the afternoon on Friday.

AMC Entertainment Holdings, Inc.’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) were at the top of the list with more than $21 million of paper changing hands, a source said.

The notes were quoted down nearly ¾ point on a 48 handle.

Bausch Health Cos. Inc.’s notes traded about 1½ points to more than 2 points higher on Friday in fairly strong activity totaling more than $19 million, a market source said.

Bausch Health Americas, Inc.’s 9¼% senior notes due 2026 (Ca/CCC/CC) were quoted over 2¾ points higher around 73 bid on more than $10 million of volume.

Meanwhile, Cablevision Systems Corp. subsidiary CSC Holdings LLC’s 4 1/8% senior notes due 2030 (B1/B+) dropped ¼ point to 75¾ bid on Friday on $10.34 million of volume, a source said.

Carvana Co. disappeared from the most active distressed names moving Friday but gained more than 2 points to about 3½ points in lighter volume after heavy volatile midweek trading, a source said.

Carvana’s 10¼% senior notes due 2030 (Caa2/CCC) improved to 44 7/8 bid, about 2 3/8 points higher, on $8 million of paper traded on Friday.

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