Altice bonds continue downward streak; Michaels higher; AMC mixed, mostly lower

By Cristal Cody

Tupelo, Miss., March 27 – Distressed bonds from Altice France Holding Restricted Group moved lower on Wednesday following a downgrade from Moody’s Ratings.

The company’s notes traded down around 1¼ points to 3¼ points on more than $100 million of supply, a source said.

Altice France Holding SA’s 10½% senior notes due 2027 (Caa2/CCC) were off 1¼ points at 35½ bid on $18 million of volume.

Altice France SA’s 5½% senior secured notes due 2029 (Caa1/B-) declined 2¼ points to hit 68¼ bid on $41 million of trading.

Secondary action continued to ramp up in Michaels Cos, Inc. following a positive earnings report in the prior session.

Michaels’ 7 7/8% senior notes due 2029 (Caa2/CCC-) climbed 2¾ points to 74¾ bid on $34 million of volume, a source said.

Market tone was strong over the session after softening in the prior two sessions.

Much of Tuesday’s trading weakness was “driven by positioning, people just taking some chips off the table,” a source said. “That was just squaring away positions ahead of the end of the first quarter, which ends Thursday.”

AMC Entertainment Holdings, Inc.’s notes traded flat to about 1½ points weaker with the 7½% senior secured first-lien notes due 2029 (Caa1/B-) down 1½ points at 66 bid on $12 million of volume, a source said.

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