Hertz notes mixed; Frontier trades higher; Transocean, Valaris improve; AMC softens

By Cristal Cody

Tupelo, Miss., April 19 – Hertz Corp.’s bonds traded mostly flat to softer on Monday following the company’s amended Chapter 11 bankruptcy plan filed Friday.

The 7% notes due 2028 fell 2 points to 93 bid but remain higher than where the issue traded in the same session a week ago at 74 bid, a market source said.

Frontier Communications Corp.’s bonds continued to gain on Monday after the company reported last week it expects to emerge from Chapter 11 bankruptcy soon.

Frontier’s 11% senior notes due 2025 improved 1 point over the day to 71 bid.

In the distressed oil and gas space, offshore driller Transocean Inc.’s 7¼% senior notes due 2026 (Ca/CCC) traded about 1 point better at the 71 bid area, a source said.

Bankrupt offshore drilling contractor Valaris plc’s 8% notes due 2024 were active in thin trading with the notes quoted as high as 9¼ bid early in the session before heading out near the 6¾ bid area.

Elsewhere, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) fell 1 point to 86 bid after holding steady on Friday, a source said.

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