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Diamond Sports, Intelsat Jackson bonds decline; Hertz, Frontier, AMC gain; PBF improves
By Cristal Cody
Tupelo, Miss., March 8 – Diamond Sports Group LLC’s bonds remained mostly weak on Monday in distressed secondary trading with the issuer’s notes downgraded by Moody’s Investors Service.
The company’s 5 3/8% senior secured notes due 2026 (B2/CCC+) traded as low as 65¾ bid over the day before heading out flat from Friday at 68 bid, a source said.
Intelsat Jackson Holdings SA’s bonds were softer in secondary trading during the session, a source said.
Intelsat Jackson’s 5½% senior notes due 2023 headed out at 62½ bid, down from where the paper was last seen on Thursday at 63¼ bid.
Hertz Corp.’s notes continued to improve on Monday as the company moves closer toward exiting bankruptcy this summer, according to a market source.
The car rental operator’s 5½% notes due 2024 rose 1¼ points to 81¼ bid on Monday.
Bankrupt Frontier Communications Corp.’s 7 5/8% notes due 2024 were seen up 1 point at 56¾ bid on Monday, a source said.
AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) climbed more than 2¾ points on Monday to trade better than 80¾ bid, a source said. Volume was heavy with $18.75 million of notes traded.
Petroleum refinery and supplier PBF Holding Co. LLC’s 7¼% notes due 2025 (B3/B+) rose 2 points to trade at 78 bid on Monday, a source said.
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