AMC higher; Transocean bonds gain; Plains All American preferreds drop; Talen declines

By Cristal Cody

Tupelo, Miss., Sept. 12 – Notes from AMC Entertainment Holdings, Inc., a movie theater chain that diversified itself in 2022 by acquiring a gold and silver mine stake, improved on Monday.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) rallied 1¼ points to 82½ bid on $8 million of secondary supply, sources said.

The space remains under pressure with London-based movie theater chain Cineworld Group plc filing for Chapter 11 bankruptcy a week ago.

The September institutional leveraged loan default rate so far rose to 1½% from 1.3% in August after Cineworld’s Sept. 7 filing following $6 billion of defaults in August, according to a Fitch Ratings note released Monday.

Overall distressed trading supply remained light.

Transocean Inc.’s 7½% senior notes due 2026 (Ca/CCC) picked up 2 points to trade at 81 bid in light trading totaling $1 million, a source said.

Plains All American Pipeline, LP’s 6 1/8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Ba2/BB/BB) dropped 1 7/8 points to 82¾ bid on $10 million of volume, a source said.

Bankrupt Talen Energy Supply LLC’s notes were soft on Monday but have climbed back to the high 80s and 90s range. The company’s 6½% senior notes due 2025 traded down 1½ points from Friday to 90 bid by the afternoon.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.