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AMC Entertainment notes lower following stock sales; December distressed returns higher
By Cristal Cody
Tupelo, Miss., Dec. 22 – AMC Entertainment Holdings, Inc.’s bonds declined in mostly light trading on Friday after the company disclosed new stock sales.
The 7½% senior secured first-lien notes due 2029 (Caa1/B-) fell ½ point.
Overall trading supply was light with the issue seeing just over $2 million of trading.
Stock indices were mixed by the early close on Friday as the markets prepared for the long Christmas Day weekend.
The S&P 500 index improved 0.17%.
The iShares iBoxx High Yield Corporate Bond ETF fell 9 cents, or 0.12%, to $77.47.
Market volatility was lower going into the holiday weekend.
The CBOE Volatility index dropped 4.54% to 13.03.
AMC notes soften
AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) went out at 70 bid, down ½ point, in thin trading of over $2 million on Friday, a source reported.
The issue was little changed this week.
In the same session a week ago, the notes were quoted at just under 70 bid.
AMC said in a regulatory filing on Friday that between Thursday and Friday it entered into agreements to sell additional shares of its class A common stock for $27 million of its 10%/12% cash/PIK toggle second-lien subordinated notes due 2026. The agreements put the stock at an implied value of $7.14 per share.
The Leawood, Kan.-based movie theater owner’s stock (NYSE: AMC) closed the day up 0.49% to $6.10.
Distressed returns down
S&P U.S. High Yield Corporate Distressed Bond index one-day total returns were 0.19% on Thursday, compared to 0.58% on Wednesday, 0.39% on Tuesday and 0.02% on Monday.
Month-to-date total returns improved to 6.89% from 6.69% on Wednesday, 6.07% on Tuesday and 5.66% at the week’s start.
Year-to-date distressed total returns rose on Thursday to 22.96% from 22.73% on Wednesday, 22.02% on Tuesday and 21.54% on Monday.
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