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Frontier notes mixed; Moss Creek better on week; AMC ‘not out of woods’; Hertz climbs
By Cristal Cody
Tupelo, Miss., April 16 – Frontier Communications Corp.’s bonds headed out Friday mixed in the distressed secondary market as the company preps to exit Chapter 11 bankruptcy soon.
Frontier’s 11% senior notes due 2025 were quoted up more than ¾ point from where the issue last traded Thursday to 70 bid late Friday afternoon on more than $2.4 million of volume.
In the energy space, offshore driller Transocean Inc.’s 7¼% senior notes due 2025 (Ca/CCC) rose more than 1½ points to the 71½ bid range on $3 million of secondary supply.
Oil and gas exploration company Moss Creek Resources Holdings Inc.’s bonds saw thin trading following an upgrade by S&P Global Ratings.
Moss Creek’s 10½% notes due 2027 traded in the 92 bid range, up from the 89 bid area at the start of the week.
Elsewhere, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) steadied Friday to trade flat at 87 bid.
Hertz Corp.’s 7% notes due 2028, last quoted Tuesday up 4½ points on the day at 78½ bid, traded Friday at 95 bid in heavy secondary action.
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