Altice bonds mixed, post some recovery; AMC moves lower in March; DISH edges down

By Cristal Cody

Tupelo, Miss., March 25 – AMC Entertainment Holdings, Inc.’s bonds traded slightly weaker on Monday and has softened about 1 point to 1½ points so far in March.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were down 3/8 point at 77¾ bid, a source said.

AMC’s paper has softened about 1 point to 1½ points so far in March.

The company continues to carry a heavy debt load that overshadows its growth in market share and other revenue increases but is focused on raising funds to whittle down the debt, including unpopular stock sales that have deluded share value, Alicia Reese, an analyst with Wedbush Securities, Inc., told Prospect News on Monday.

DISH DBS Corp.’s 7¾% senior notes due 2026 (Caa3/CC) went out ½ point lower at 68 bid, a source said.

Altice France Holding Restricted Group and related subsidiaries continued to dominate secondary action in the junk and distressed markets on Monday, but bonds were mostly up on the upswing after shedding over 30 points last week.

The notes were trading around 1 point to 4 points higher to down ¼ point on reports that an ad hoc group of secured creditors increased its holdings, a source said.

Altice France Holding SA’s 10½% senior notes due 2027 (Caa2/CCC) recovered 4 points to a quote of 42 bid.

© 2015 Prospect News.
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