Washington Prime drops; Hertz dips; AMC rallies; Gran Tierra up; Frontera declines

By Cristal Cody

Tupelo, Miss., May 18 – Washington Prime Group, LP’s bonds traded nearly 2 points lower on Tuesday after the company reported it received a forbearance until May 26 regarding a missed $23.2 million interest payment.

Washington Prime Group’s 6.45% notes due 2024 (C/D/C) fell more than 1¾ points to 61 bid in heavy trading activity, a source said.

Hertz Corp.’s bonds were mixed but remained strong ahead of the company’s nearing Chapter 11 bankruptcy exit.

Hertz’s 5½ notes due 2024 fell ¼ point to 104 bid.

In other distressed secondary trading, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped 1¼ points to 91¾ bid on $3 million of paper traded.

In distressed energy issues, Calgary, Alta.-based oil and gas explorer Gran Tierra Energy Inc.’s 6¼% senior notes due 2025 (/B-/CCC) improved 1 7/8 points to 86¼ bid on light volume of about $1.8 million.

Toronto-based petroleum explorer Frontera Energy Corp.’s 9.7% notes due 2023 (/B+/B) were down more than 1¼ points near the 98¾ bid area, also on light trading supply of more than $1.3 million.

Vernier, Switzerland-based offshore driller Transocean Inc.’s 11½% senior guaranteed notes due 2027 (Caa3/CCC) traded late afternoon at 100¾ bid, down over ¾ point on $3 million of paper traded.

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