AMC slides under secondary focus; Lumen mixed; Rite Aid notes flat, CDS spreads gap out

By Cristal Cody

Tupelo, Miss., Aug. 24 – AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) sank over 4 points as the bonds dominated the junk and distressed secondary market on Thursday.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) went out down 4 1/8 points at 70 bid on $20 million of paper changing hands, a source said.

AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) also fell over ¾ point to a 68 bid handle on $15.6 million of volume.

Trading was more sparse in other distressed names over the session, sources reported.

Lumen Technologies, Inc.’s 4% senior secured notes due 2027 (Caa2/B) traded flat at 65½ bid on about $4 million of secondary action.

Rite Aid Corp.’s bonds traded about ¼ point better over the day to 56¾ bid in thin activity, while its credit default swap spreads gapped out by thousands of basis points for a second consecutive week.

Other distressed retail paper got a lift following a climb in retail sales last week, a source said.

QVC Inc.’s 5.45% senior secured notes due 2034 (B2/B-/B+) were up 1 point at 50¼ bid.

Parent Qurate Retail Inc.’s 8½% senior notes due 2029 (Caa2/CCC-) traded up ½ point to 39¾ bid.

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