AMC bonds, stock mostly down on preferred plans; Rite Aid paper up; Bausch notes higher

By Cristal Cody

Tupelo, Miss., Aug. 14 – AMC Entertainment Holdings, Inc.’s bonds went out flat to weaker while its stock plummeted 35% on Monday in the first session after the company announced the court approval of its shareholder settlement and intention to wipe out its preferred equity holders.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) dropped 3 points to head out at 77 bid on $9 million of trading, a source said.

The company’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) went out flat at 73½ bid on $7 million of volume.

AMC’s common stock plunged over 35%.

Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) also were strongly traded over the session. The notes were under 1/8 point higher with a 57 bid handle on $8 million of volume, a source said.

The bonds went out Friday about 5 points better on the week.

Bausch Health Americas, Inc.’s paper traded about 1 point to more than 5 points better on over $17 million of volume on Monday, a source reported.

Bausch Health Cos. Inc.’s 11% senior secured notes due 2028 (Caa1/CCC+/B) were up 1 point at 72 bid in strong trading totaling $10.4 million.

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