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Talen notes tumble; AMC lower; Sunac better; Shimao finds footing; Strike loan lower
By Cristal Cody
Tupelo, Miss., Dec. 16 – Talen Energy Supply LLC’s paper tumbled by the finish on Thursday in heavy secondary action.
Talen’s 10½% senior notes due 2026 (Caa1/CCC/B-) jumped 5½ points out of the gate before settling down 2¾ points at 48¾ bid on heavy volume totaling $27.5 million, a source said.
AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) were 1¾ points weaker on Thursday at 95¼ bid on nearly $14 million of supply.
The general China property space saw improvement while default fears remained high.
Sunac China Holdings Ltd.’s 7¼% notes due 2022 (B1/B) rose 2 points to 83 bid after sliding 6 points on Wednesday, a source said.
Shimao Group Holdings Ltd.’s 4¾% notes due 2022 (Ba1/BB/BBB-) climbed nearly 5 points to 64¾ bid on $3.8 million of paper traded over the session.
In other distressed activity, the $215 million junior term loan from Strike LLC, which filed for Chapter 11 bankruptcy on Dec. 6 to facilitate a restructuring, is trading 10 points lower at around the 80 area, a source said.
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