AMC, Staples distressed paper stronger; Michaels gains; Community Health, Bausch up

By Cristal Cody

Tupelo, Miss., June 13 – Two distressed names stood out in the junk secondary market on Tuesday with strong trading action that put the paper among the day’s most active bonds on about $50 million of volume.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) jumped 2¼ points to 71½ bid on nearly $20 million of trading, a source said.

AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) also added 1½ points to a quote of 75 bid on $9.84 million of volume.

Staples Inc.’s 10¾% senior notes due 2027 (Caa2/CCC+) traded more than 1 point better on Tuesday at around 67 bid on more than $20 million of activity, a source said.

The day’s gains extended to other distressed names, too.

Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC) went out 1 1/8 points better at 69¾ bid, a source said.

Distressed health care paper was lifted but moved off the day’s highs, sources said.

Community Health Systems Inc.’s 6 1/8% secured notes due 2030 (Caa2/CCC-) were up 1¼ points early Tuesday before pulling back to go out 1 point better at 58½ bid.

Bausch Health Cos. Inc.’s 8½% senior secured notes due 2027 (Caa1/CCC+/B) gave back some of the morning’s gains to go out ¼ point better at 52¾ bid.

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