AMC notes gain on capital raise; Allen Media surges on partnerships; Lumen improves

By Abigail W. Adams

Portland, Me., Sept. 14 – It was a strong day in the distressed debt space on Thursday as a renewed risk-on sentiment in the broader market and topical news continued to boost the space.

AMC Entertainment Holdings, Inc.’s senior notes continued to recoup their losses with buyers returning for the notes after the company completed its $325.5 million follow-on stock sale.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) jumped 2½ points to close the day in the 71¾ to 72¼ context, a source said. There was $23 million in reported volume.

AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) rose 1½ points to close the day in the 69¾ to 70¼ context.

Allen Media LLC’s 10½% senior notes due 2028 (Caa1/CCC) surged in heavy volume after the company announced new partnership with CBS and inked a long-term media rights partnership with the Central Intercollegiate Athletic Association.

The 10½% notes jumped 3 points to close the day wrapped around 59, according to a market source.

After a pullback over the past few sessions, Lumen Technologies, Inc.’s 4% senior secured notes due 2027 (B3/BB-) regained their previous level after the company’s CFO presented at an investor’s conference.

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