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AMC declines; CineMedia flat; Embarq lower; Rite Aid weakens; Bed Bath & Beyond higher
By Cristal Cody
Tupelo, Miss., Sept. 29 – AMC Entertainment Holdings, Inc.’s paper dropped on Thursday in strong secondary supply with the theater space remaining under pressure as September closes.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) fell more than 4¼ points to 68¾ bid on $23.5 million of volume, a source said.
National CineMedia, LLC’s 5¾% senior notes due 2026 (Caa3/CC) were little changed at the 24 bid range after S&P Global Ratings downgraded the paper.
Embarq Corp.’s 7.995% notes due 2036 (Caa2/BB/BB) declined to a high 40s handle before improving slightly as its future parent company announced late afternoon that it withdrew a debt financing package due to market conditions.
Embarq’s 7.995% notes due 2036 (Caa2/BB/BB) were down 2¼ points at 50 bid, a source said.
Rite Aid Corp.’s bonds fell about 4¼ points to 7 points on the heels of the company’s weak fiscal 2023 second-quarter results.
Rite Aid’s 7.7% senior debentures due 2027 (Caa2/CCC-/CCC) dropped about 7 points to the 59 bid area, a source said.
The company’s credit default swap spreads also moved out more than 250 basis points this week.
Bed Bath & Beyond Inc.’s paper improved after the company reported second-quarter results.
The 4.915% senior notes due 2034 (Caa3/CCC) rose ¾ point to 15¾ bid, a source said.
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