AMC rises on theater reopenings; Hertz, Intelsat stronger; PBF, Transocean notes gain

By Cristal Cody

Tupelo, Miss., Feb. 22 – Distressed movie theater owner AMC Entertainment Holdings, Inc.’s bonds rallied after New York governor Andrew Cuomo announced that New York City movie theaters will be reopened on March 5 at 25% capacity, along with other Covid-19 safety precautions in place.

AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped more than 4½ points to 73½ bid on $23.5 million of trading volume, a source said.

Also, AMC’s 5¾% notes due 2025 (Ca/C) traded 5½ points higher at 53½ bid.

Elsewhere, Hertz Corp.’s paper traded better on Monday, a source said.

The 5½% notes due 2024 were quoted trading late in the day at 75 bid, up 3¼ points from where the issue traded on Friday.

Separately, Intelsat Jackson Holdings SA’s bonds recovered some losses in the secondary market on Monday, a source said.

Intelsat Jackson’s 5½% senior notes due 2023 climbed to 62½ bid, a source said.

The company’s 9¾% senior notes due 2025 were up 4 points at 64 bid in late afternoon trading on Monday.

Petroleum refiner PBF Holding Co. LLC’s 6% senior notes due 2028 (B3/B+/B+) were 2¼ points stronger on the day at 60½ bid, a source said.

Offshore driller Transocean Inc.’s 7½% senior notes due 2026 (C/CCC-/) also rose 1 point to 64 bid.

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