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Bausch Health stronger; AMC theater notes better; AMC cable gains; LifePoint edges up
By Cristal Cody
Tupelo, Miss., July 7 – Distressed bonds from Bausch Health Cos. Inc. rallied about ¼ point to nearly 3 points on Friday with the name outpacing AMC Entertainment Holdings, Inc. for the most secondary action.
Bausch’s 9¼% notes due 2026 (Ca/CCC-/CC) traded about 3 points better with an 86 bid handle on $9.74 million of volume, a source said.
The company’s 6¼% senior notes 2029 (Ca/CCC-/CC) were more than 2 points better at 43 bid on $5 million of trading.
AMC Entertainment’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) took back some of Thursday’s weakness when the issue fell ¾ point. The notes traded Friday ½ point better at 70¾ bid on $7 million of secondary volume, a source said.
Cable channel company AMC Networks Inc.’s 4¼% senior notes due 2029 (Ba3/BB-) also were active on Friday. The notes traded more than 1 point better at 53¾ bid on $6 million of activity, a source said.
In other distressed health care paper, LifePoint Health, Inc. 9¾% senior notes due 2026 (Caa1/CCC-) improved ¼ point to 84¼ bid in light trading, a source said.
Bond gains over the week were “concentrated in just a handful of tickers” that included Bausch and LifePoint, according to a research note on Friday from BofA Securities credit strategist Oleg Melentyev.
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