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AMC notes decline amid shift in theater landscape; L Brands eyed after ratings action
By James McCandless
San Antonio, Dec. 4 – At the end of the week, the distressed debt market remained focused on upheaval in the entertainment space.
AMC Entertainment Holdings, Inc.’s notes weakened as the company tries to push back against a major film studio’s 2021 film release policy.
The 10½% notes due 2025 gave up 3½ points to close at 74½ bid. The 6 1/8% senior subordinated notes due 2027 lost 3½ points to close at 19 bid.
During the Friday session, the Leawood, Kan.-based movie theater chain began pushing back against a major studio’s change in its 2021 film release policy.
Warner Bros. announced on Thursday that it would shift its policy to release films in theaters and on the streaming platform HBO Max simultaneously.
After one month, titles would leave the platform and remain in theaters.
Meanwhile, in the retail space, L Brands, Inc.’s paper diverged in direction after Moody’s Investors Service changed its outlook on the company to positive from negative.
The 6¾% senior notes due 2036 held level to close at 110¾ bid. The 5¼% senior notes due 2028 dipped ¼ point to close at 104½ bid.
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