AMC secured notes up; Bed, Bath & Beyond turns higher; Transocean posts week-long rally

By Cristal Cody

Tupelo, Miss., Aug. 5 – AMC Entertainment Holdings, Inc.’s bonds headed higher on Friday in strong secondary action, a day after the company reported improved second-quarter earnings and revenue, as well as a special dividend.

The paper traded under ¼ point to more than 2 points better on more than $40 million of volume.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rose 2¼ points to 83¾ bid by the afternoon on $28 million of paper traded, a source said.

Bed, Bath & Beyond Inc.’s 5.165% senior notes due 2044 (Caa3/B) were quoted at 17¾ bid, up 1 3/8 points on $2 million of supply during the session.

Distressed secondary volume stayed mostly light this week with the junk primary market quiet, blockbuster volume in the high-grade bond market and better-than-expected job growth reported Friday, market sources said.

Transocean Inc.’s 11½% senior guaranteed notes due 2027 (Caa3/CCC+) were mostly flat going out at the 97½ bid, 97 offered area, a source said.

The notes were among the week’s most traded distressed issues with the issue up more than 7¼ points on the week on $135 million of volume, according to a BofA Securities Inc. note on Friday.

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