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Burger King notes from Carrols, GPS slide; AMC, Community Health under pressure in May
By Cristal Cody
Tupelo, Miss., May 12 – Bonds from Burger King operator Carrols Restaurant Group, Inc. felt some pain after posting a first-quarter loss on Thursday.
The company’s 5 7/8% senior notes due 2029 (Caa1/CCC) slid 7 points “post results,” a market source said.
The issue was quoted at 65¾ bid on $13 million of secondary volume.
Burger King and Pizza Hut franchisee GPS Hospitality Holding Co. LLC’s 7% senior secured notes due 2028 (Caa1/B-/B-) also fell 2¾ points to 69¼ bid during the session, a source said.
Meanwhile, AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) declined 3½ points to 68 bid on $42 million of trading volume on Thursday, a source said.
The bonds have dropped over 15 points since the start of the month.
Separately, the distressed health care space has been under pressure in May with paper from Community Health Systems Inc. declining about 7¼ points to 9 points so far this month.
CHS/Community Health Systems, Inc.’s 6 1/8% senior secured notes due 2030 (Caa2/CCC) were about 1¼ points weaker on Thursday at 73¼ bid, a source said.
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