Diamond Sports paper eases off gains; AMC bonds down slightly; Transocean notes lower

By Cristal Cody

Tupelo, Miss., Sept. 27 – Diamond Sports Group LLC’s notes on Tuesday eased off of some of the gains the paper made in the prior week following reports of a potential acquisition.

The distressed sports broadcast group’s 5 3/8% senior secured notes due 2026 (Caa3/CCC+) gave back ¼ point to head out at 18 bid, a source said.

The issue saw steady trading with more than $6 million of volume reported.

Diamond Sports’ notes were not seen in the secondary market on Monday after closing out Friday at 18¼ bid following trading as high as 24 bid on Wednesday.

The bonds rallied in the prior week on news reports the company may be acquired by the MLB, NBA and NHL.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) mostly held onto Monday’s 3-point gain with the issue down ½ point on Tuesday at 75 bid, a source said.

Transocean Inc.’s notes remained lower on Tuesday after declining more than 5 points in the prior week as the company nears completing a distressed debt exchange this week.

The offshore driller’s 7½% senior notes due 2031 (C/CCC-) dropped ½ point to 51½ bid on light trading of about $1 million, a source said.

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