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AMC, Diamond Sports, Exela higher; Transocean up; China Evergrande hits low teens
By Cristal Cody
Tupelo, Miss., Jan. 3 – Junk paper from AMC Entertainment Holdings, Inc. and Diamond Sports Group LLC ranked among the most active issues in the distressed secondary market on Monday.
“Diamond Sports and AMC both were up ¾ point,” a source said.
AMC’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) were quoted at 99¾ bid on $23.25 million of volume.
Diamond Sports’ 5 3/8% senior secured notes due 2026 (Caa1/CCC) traded at 50¾ bid on over $11 million of supply.
Exela Technologies, Inc.’s 11½% first priority senior secured notes due 2026 rallied around 5 points on Monday following a “panic dump at the end of last year,” a source said.
Exela’s 11½% first priority senior secured notes due 2026 went out nearly 5¼ points higher at 76 3/8 bid on over $7.4 million of paper traded.
China Evergrande Group’s dollar notes were quoted now trading with handles in the 13 bid range.
Trading was halted on Monday in Evergrande’s Hong Kong-listed stock ahead of a pending announcement from the company.
Otherwise, the distressed market saw fairly thin supply over the first session of 2022, sources reported.
Transocean Inc.’s 7½% senior notes due 2031 (Ca/CCC) were more than 1¾ points better at 61 bid on $1.25 million of trading volume.
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