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AMC under pressure; PBF dips on sell-off as oil rallies; TPC slides; Wesco declines
By Cristal Cody
Tupelo, Miss., Feb. 3 – AMC Entertainment Holdings, Inc.’s existing paper shed a few points in strong trading action over Thursday’s session while its new issue also traded lower.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) fell 2 7/8 points to 93½ bid after softening 1/8 point the previous day.
The new 7½% first-lien notes due 2029 (Caa1/B-) stayed below par in the secondary market on Thursday.
Oil prices rallied, hitting over $90 a barrel.
“All of the energy names have held in pretty well and are trading solidly on the heels of the move in oil,” a market source said.
PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) were quoted trading at 82, 82½ by the end of the session.
Meanwhile, TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) dropped about 10 points to 60 bid, 62 offered after the company confirmed it missed approximately $53 million of interest payments due Tuesday on its secured notes, a source said.
Wesco Aircraft Holdings Inc.’s paper remained soft with the company’s 9% senior secured notes due 2026 (Caa3/CCC+) down about 1½ points to 83¼ bid, a source said.
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