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AMC notes rise; CSC Holdings adds to gains; DISH paper up as broadcasters recover
By Abigail W. Adams
Portland, Me., Sept. 11 – The distressed debt space was off to a quiet start on Monday although several names saw a bid with a risk-on sentiment returning ahead of Wednesday’s Consumer Price Index report.
AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) remained in focus with the notes continuing to improve after recent volatility.
The 10% notes rose 1 point to close the session at 68¾, a source said. The yield was 26 5/8%.
There was $16 million in reported volume.
DISH Network Corp.’s senior notes (Caa2/B-) were also on the rise as buyers returned for broadcasters that were battered the previous week due to carriage fee disputes.
The 7¾% senior notes due 2026 were up ½ point to close at 77½, according to a market source.
DISH’s 5 1/8% senior notes due 2029 closed at 57 7/8 with the yield 16 7/8%, and the 7 3/8% senior notes due 2028 gained 1¼ points to close at 67¼ with the yield 17¾%.
Altice USA, Inc. subsidiary CSC Holdings, LLC’s 5¾% senior notes due 2030 (Caa2/CCC+) were among the top gainers in the distressed debt space with the uptrend in the credit gaining steam as the majority owner explores asset sales.
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