Altice moves lower; pressure continues in Ardagh distressed paper; AMC bonds soften

By Cristal Cody

Tupelo, Miss., April 16 – Altice France Holding Restricted Group’s paper traded heavily on Tuesday, going out down more than 1½ points.

Altice France SA’s 8 1/8% senior secured notes due 2027 (Caa1/CCC+) slid 1 5/8 points to 75¾ bid on $25 million of volume, a source said.

Ardagh Group SA’s notes remained pressured after sliding on Monday on the company’s plans to refinance up to $1 billion of secured debt.

Ardagh Packaging Finance plc’s 5¼% senior notes due 2027 (Caa1/CCC/CCC) softened to around 47 bid, 48 offered, sources reported.

“They’re kind of stuck in the low 40s,” a source said. “They were trading in the mid-50s; so, they’re down about 10 points in three days.”

Junk new issues and distressed paper mostly were under pressure over the session with bonds widely down, sources reported.

Overall volume was pegged more in the “medium” category and felt light in junk-rated paper, a source said.

“Secondary-wise was a little bit on the light side today,” a trader said. “There was a little bit of selling early. The cash market was pretty quiet – no big sell-off.”

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) dropped over 1½ points to the 72 bid area on $8 million of volume, a source said.

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