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AMC secured notes improve; Lumen paper, CDS spreads weaken; QVC, Qurate bonds mostly lower
By Cristal Cody
Tupelo, Miss., March 3 – Distressed trading saw the bulk of movement Friday in AMC Entertainment Holdings, Inc.’s paper on more than $23 million of secondary volume.
AMC Entertainment’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) went out up 1 1/8 points at 61¾ bid on $12 million of trading, a source said.
The 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were about 1 point better at the 53 bid area on $11.77 million of volume, down about ¾ point from a week ago.
Lumen Technologies, Inc.’s 4½% senior notes due 2029 (B2/B+) fell nearly ¼ point to head out at 52 bid in busy trading totaling $8 million, a source said.
Lumen’s credit default swap spreads also softened nearly 50 basis points over the past week ended Wednesday.
QVC Inc.’s 4 3/8% senior secured notes due 2028 (Ba3/B+) went out down ¾ point at 51¼ bid on more than $5 million of trading, a source said.
Bonds from parent Qurate Retail Inc. remained mostly weaker on Friday.
Qurate Retail’s 8¼% notes due 2030 (B3/CCC) were quoted at 36 bid on $4 million of paper changing hands, down from 37 bid on Thursday.
The issuer’s CDS spreads moved out more than 400 bps this week.
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