CommScope mostly higher; AMC second-lien notes rally; Level 3 slides; Lumen lower

By Cristal Cody

Tupelo, Miss., Oct. 2 – CommScope Holding Co., Inc.’s paper attracted heavy secondary trading on Monday in the distressed space after posting strong gains ahead of the weekend.

The notes were mixed, a source reported, with the 8¼% senior notes due 2027 (Caa1/CCC+) down ½ point at 68½ bid on nearly $20 million of paper turning over.

CommScope’s 5% senior notes due 2027 (Caa1/CCC+) traded over ½ point better at 58 5/8 bid on $12.8 million of volume.

Also in the distressed space on Monday, AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rallied 1¼ points to 74¼ bid, a source said.

The notes traded at 71 bid in the same session last week.

Meanwhile, AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) were down over ¼ point on Monday and about ½ point softer from a week earlier.

Junk and distressed bonds overall were under pressure as Treasury yields shot up, market sources said.

Level 3 Financing, Inc.’s notes were counted among the day’s weakest bonds traded.

Level 3’s 4¼% senior notes due 2028 (B3/CCC+/B) slid 2¼ points to 60¼ bid, a source said.

Parent Lumen Technologies, Inc.’s 4% senior secured notes due 2027 (Caa2/B) also shed over 1 point on Monday to go out around 64½ bid.

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