AMC notes move higher; Avaya bonds shed over 3 points; Bausch Health paper improves

By Cristal Cody

Tupelo, Miss., Aug. 12 – A few names stood out in distressed secondary action on Friday in otherwise mostly light trading.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) added 1½ points to 86½ bid, a source said.

The issue was among the most active distressed names seen during the session on $17 million of volume.

Avaya Inc.’s 6 1/8% senior secured notes due 2028 (Caa2/CCC-/CCC) shed 3¾ points to 43¼ bid by the close on $8 million of secondary activity, a market source said.

The notes were ending more than 13 points lower on the week.

Bausch Health Cos. Inc.’s notes improved on Friday in mostly light secondary action totaling about $4 million, with the notes up 1¾ points to over 2 points on the day.

Bausch Health Americas, Inc.’s 9¼% notes due 2026 (Caa2/CCC/B-) were quoted 1¾ points better at 72¾ bid on $1 million of paper changing hands, a source said.

A few sectors are flashing strong distressed signs as the summer winds down, including health care, technology and retail, according to a BofA Securities Inc. research note on Friday.

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