Court ruling sparks climb in AMC bonds; Rite Aid secured notes up; Carvana declines

By Cristal Cody

Tupelo, Miss., July 24 – AMC Entertainment Holdings, Inc.’s paper jumped more than 5 points in strong trading action on Monday in the first session after the company heard back that it was a ‘no’ from the court on a shareholder lawsuit settlement over its issuance of preferred stock.

AMC Entertainment’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) climbed 6¾ points to 68¾ bid on $15 million of secondary supply over the day, a source said.

AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) also rallied 5½ points to 68½ bid on $6 million of volume.

The company’s common stock closed up 33%, while its preferred stock was flat in heavy trading.

Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) continued to improve on Monday after adding 4½ points in the prior week.

The bonds went out around 2 points better at 49 bid on $3.3 million of secondary action, a source said.

Meanwhile, Carvana Co.’s 4 7/8% senior notes due 2029 (Ca/C) dropped 4½ points to 58 bid, but trading supply was light, a source said.

Volume totaled $1 million.

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