Spirit Airlines quiets in secondary; Lumen notes lower; AMC secured paper improves

By Cristal Cody

Tupelo, Miss., Nov. 22 – Market tone was strong with the junk CDX index and other indices higher amid the slower pre-holiday secondary activity on Wednesday.

Spirit Airlines Inc.’s 8% senior secured notes due 2025 (B2) that were volatile in the first two sessions of the week quieted.

“Those have been busy,” a source said. “None of the 8% have traded today.”

The bonds declined 3¼ points to around 72½ bid on Tuesday after climbing over 4 points on Monday.

Lumen Technologies, Inc.’s paper has been little traded following the company’s announcement on Monday that it had extended a rights plan that can be used to reduce future tax payments, a source said.

“The last three days, $8.8 million have traded over the whole capital structure,” the source said.

Lumen’s 4% senior secured notes due 2027 (Caa2/B/B-) were down 5/8 point at 56¼ bid on $1.4 million of volume on Wednesday.

Bonds from subsidiary Level 3 Financing, Inc. were not seen active during the session.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were among the most active distressed bonds moving over the afternoon, a source noted.

The issue was up 3/8 point at 79 1/8 bid on $5 million of secondary action.

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