Lumen paper soft; Level 3 improves; DISH bonds move higher; AMC loving Barbie

By Cristal Cody

Tupelo, Miss., July 31 – Paper from Lumen Technologies, Inc. and subsidiary Level 3 Financing, Inc. traded in strong activity in the distressed secondary market on Monday in front of its second-quarter earnings release Tuesday.

Lumen’s 4% senior secured notes due 2027 (B3/BB-/BB) were heavily traded on $14.5 million of secondary supply, a source said.

The bonds went out at 66 bid.

Lumen’s 7.6% senior notes due 2039 (Caa1/CCC+/B-) declined 1 3/8 points to 36 bid on $5.27 million of trading.

Meanwhile, Level 3 Financing’s 4 5/8% senior notes due 2027 (B1/B) traded up ½ point to 76¼ bid on $12.55 million of volume.

DISH Network Corp.’s bonds were up about ¼ point to ¾ point on about $24 million of paper traded on Monday, a source said.

DISH DBS Corp.’s 5 1/8% senior notes due 2029 (Caa2/B-) improved ½ point to 50¾ bid on $9.15 million of trading.

Also Monday, AMC Entertainment Holdings, Inc.’s paper softened in thin trading on Monday but have held onto gains made in the prior week following a setback in a shareholder settlement.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) fell about ½ point to 68¾ bid on $2.29 million of secondary activity, a source said.

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