AMC notes mixed; Bausch Health declines in active trading; Adani claws back losses

By Cristal Cody

Tupelo, Miss., Feb. 3 – Distressed trading action slowed on Friday, but AMC Entertainment Holdings, Inc.’s paper remained active in the secondary market.

The company’s notes were mixed with the 7½% senior secured first-lien notes due 2029 (Caa1/B-) up more than ¼ point and the 10% senior secured second-lien notes due 2026 (Caa3/CC) down 3/8 point.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CC) softened Friday with the issue down 3/8 point at 55¾ bid on $6 million of trading.

Bausch Health Cos. Inc.’s notes were among the decliners in the distressed space on Friday, a source said.

The 9% senior notes due 2025 (Ca/CCC/CC) fell 1 point by late afternoon to 80½ bid on $6 million of volume.

Bausch’s 6 1/8% senior secured notes due 2028 (Caa1/B-/B) traded down ¾ point to 69¼ bid on $5 million of activity on Friday.

In other distressed paper, Adani Green Energy Ltd.’s bonds recovered some of the week’s losses on Friday with the 4 3/8% senior secured notes due 2024 (Ba3) up 9 points at 72½ bid, a source said.

The bonds had dropped 11 points on Thursday and 12¼ points on Wednesday.

Adani Green Energy’s credit default swap spreads moved out more than 1,000 basis points over the week ended Wednesday.

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