Rite Aid trading slows, paper higher on week; CommScope notes decline; AMC lower

By Cristal Cody

Tupelo, Miss., Oct. 20 – Secondary trading slowed on Friday in Rite Aid Corp.’s 8% senior secured notes due 2026 (/D/CC) with the paper giving back some gains.

The bonds had racked up heavy secondary numbers after the company reported on Monday it filed for Chapter 11 bankruptcy, including $20.5 million of paper traded on Thursday and $28.9 million of volume on Wednesday.

On Friday, the issue saw $5 million of trading and was moving about 1½ points lower at 69½ bid, a source said.

Rite Aid’s paper was still stronger on the week and was going out nearly 5 points better.

Secondary trading overall was lighter on Friday with distressed names seen mostly lower, a source said.

CommScope Holding Co., Inc.’s paper declined more than 1 point.

The 8¼% senior notes due 2027 (Caa1/CCC+) slipped 1¾ points to 62½ bid on nearly $7 million of activity, a source said.

Also Friday, AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) fell ¾ point to 77 bid and were about 2 points lower on the week, a source said.

Trading was active on $4 million of volume.

AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) softened 3/8 point to 70 3/8 bid on $3 million of supply.

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