AMC, Mednax, Boyne sell new junk; volatility returns; Bausch gains; cruise lines improve

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 2 – In the first session in nearly a week to see multiple deals price, three issuers priced a combined $1.5 billion of junk on Wednesday.

AMC Entertainment Holdings, Inc., Mednax, Inc. and Boyne USA, Inc. priced accelerated, oversubscribed and upsized offers, respectively.

Meanwhile, volatility returned to the secondary space with the market opening the day strong but fading as the session progressed.

While the market opened with a ¼ point gain, it closed the day down about 1/8 point, sources said.

However, despite the weakness at the close, buyers were returning with several Offers-Wanted-In-Competition lists circulating the market, a source said.

Bausch Health Cos. Inc.’s 6 1/8% senior secured notes due 2027 (Ba3/BB/BB) continued their upward momentum on Wednesday with the notes breaking above 101 in intraday activity.

AMC Entertainment Holdings, Inc.’s junk bonds were active following the company’s latest offering.

The junk bonds of cruise line operators saw a fresh round of trading with Carnival Corp.’s junk bonds and Royal Caribbean Cruises Ltd.’s 5½% senior notes due 2028 on the rise.

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