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Carvana edges down; AMC bonds gain; DISH mixed; Rite Aid notes up, CDS spreads widen
By Cristal Cody
Tupelo, Miss., March 23 – Carvana Co.’s notes fell about 1/3 point to ¾ point in the session after the company launched an exchange offer for five series of senior notes.
Carvana’s 5 5/8% senior notes due 2025 (Caa2/CCC) gave back ¾ point to trade at 62¼ bid on $5 million of volume on Thursday, a source said.
The online car retailer’s estimated net sales for the first quarter of 2023 are “below consensus estimates” and would be down 28.5% year over year at the midpoint of guidance, D.A. Davidson & Co. analyst Michael Baker said in a note.
AMC Entertainment Holdings, Inc.’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) picked up 2¼ points on $23 million of trading on Thursday, a source said.
The bonds were quoted at 65½ bid.
DISH Network Corp.’s 5 7/8% senior notes due 2024 (B3/B) rose ½ point to 84¾ bid on about $12 million of secondary activity, while the 5 1/8% notes due 2029 (B3/B) fell nearly ½ point to the 52 bid area on $12.4 million of volume, a source said.
Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/CCC) traded 2 points better on Thursday at 46½ bid, while the issuer’s credit default swap spreads moved out past 6,000 basis points this week, sources said.
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