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AMC, Community Health paper improves; Frontier Communications, Goodman notes soften
By Cristal Cody
Tupelo, Miss., Jan. 19 – AMC Entertainment Holdings, Inc.’s bonds saw strong trading on Tuesday after the company announced in an 8-K filing with the Securities and Exchange Commission that it issued $100 million of guaranteed first-lien secured notes due 2026 on Friday, sources said.
AMC’s 12% second-lien secured notes due 2026 (Ca/C) jumped 4¾ points to 34 bid.
The company’s 10½% first-lien secured notes due 2025 (Caa2/CCC) climbed 1 point to 83½ bid.
Meanwhile, Frontier Communications Corp.’s 7 5/8% notes due 2024 softened 1½ points during the session to trade at 52 bid, a market source said.
Distressed bonds from Goodman Solutions, formerly known as Goodman Networks Inc., have been active in the secondary market, a source said.
The home residential technical maintenance and installation provider’s 8% notes due 2022 were seen in thin trading on Tuesday at 21 bid. The bonds traded at 22½ bid in heavy volume on Friday.
In other distressed trading, Community Health Systems Inc.’s 6 7/8% notes due 2028 (Ca/CCC-) gained 3¾ points to trade at 85 5/8 bid following a ratings upgrade from Moody’s Investors Service on Tuesday, a source said.
CHS/Community Health Systems priced an upsized $1.775 billion of 6 7/8% eight-year junior-priority secured notes on Tuesday at par. The notes were upsized from $750 million.
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