QVC gains; WeWork sheds points; National CineMedia flat on Chapter 11 filing; AMC rises

By Cristal Cody

Tupelo, Miss., April 12 – Distressed retail paper traded higher on Wednesday, led by gains from QVC Inc. and Michaels Cos, Inc., market sources reported.

QVC’s paper traded about 2 points to more than 5 points better on more than $10 million of volume, a source said.

QVC’s 4 3/8% notes due 2028 (B2/B-) rose 3¼ points to 50¼ bid on $2.5 million of trading.

WeWork Inc.’s paper continued to shed points after sliding in the prior session, a source said.

WeWork’s 7 7/8% senior notes due 2025 (CC/C), down more than 3 points on Tuesday, went out down about 2¼ points at the 40¾ bid area on $8.5 million of volume.

National CineMedia LLC’s paper saw strong trading action following the company’s Chapter 11 bankruptcy filing but was mostly flat on the day, a source said.

National CineMedia’s 5¾% senior notes due 2026 (C/D) went out around 2½ bid to under the 3 bid area on Wednesday on $9.76 million of supply.

AMC Entertainment Holdings, Inc.’s paper was trading about ½ point to 7/8 point better Wednesday on $18 million of secondary volume, a source said.

The 10% senior secured second-lien notes due 2026 (Caa3/CCC-) improved 7/8 point to 67 bid.

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