Party City sinks; AMC mixed; Rite Aid paper, CDS spreads on upswing; Telesat better

By Cristal Cody

Tupelo, Miss., Jan. 26 – Party City Holdings Inc.’s 8¾% senior secured notes due 2026 (D/C) sank 7½ points as the issue finished among the most active distressed notes traded Thursday.

The notes traded at 10½ bid on nearly $11.5 million of volume, a source said.

The bonds were steady on Tuesday, a week after Party City Holdco Inc.’s Chapter 11 bankruptcy filing.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CC) were up ½ point at 47 bid on close to $13 million of bonds trading, a source said.

AMC’s paper was mixed with the 7½% notes due 2029 (Caa1/B-) down 1/8 point on $7 million of volume.

Rite Aid Corp.’s paper moved higher on Thursday in light supply, while its credit default swap spreads also tightened more than 175 basis points this week, market sources said.

Rite Aid’s 8% senior secured notes due 2026 (B3/CCC-/CCC) were trading at 55¼ bid on $3.4 million of activity on Thursday.

The bonds were up from 52¾ bid at the start of the week.

Telesat Corp.’s 5 5/8% notes due 2026 (B2/CCC+) also picked up 1¾ points to trade at 42¾ bid by the end of the session on $2.4 million of volume, a source said.

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