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Hertz notes mixed on new bankruptcy plan; AMC rallies; Moss Creek, Summit Midstream up
By Cristal Cody
Tupelo, Miss., April 5 – Hertz Corp.’s bonds were mixed in the first session back after the company reported over the Easter weekend that it selected a rival proposal to fund its exit from Chapter 11 bankruptcy.
The company’s 5½% notes due 2024 traded as high as 99 7/8 bid and headed out at 99 bid in heavy supply, a source said.
The notes were last seen trading March 31 in the 99 7/8 bid range.
Hertz’s 7% senior notes due 2028 were seen about 2 points softer in thin trading at the 78 bid range, still improved from where the issue traded in January at the 48 bid area.
Separately, AMC Entertainment Holdings, Inc.’s bonds gained in mostly strong trading over Monday’s session, a source reported.
AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped 4¾ points to 87¼ bid on $18.5 million of secondary supply.
AMC’s 5¾% senior subordinated notes due 2025 (Ca/C) gained 5¼ points to 73¾ bid.
Oil and gas exploration company Moss Creek Resources Holdings Inc.’s 7½% senior notes due 2026 (Caa2/B-) traded up about ½ point to 81½ bid.
The Woodlands, Tex.-based Summit Midstream Holdings, LLC’s 5¾% senior notes due 2025 (Caa2/CCC+) also rose 1½ points to 84½ bid.
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