Altice mixed following second downgrade; AMC notes improve, stock drops on equity sale

By Cristal Cody

Tupelo, Miss., March 28 – Altice France Holding Restricted Group’s paper stayed volatile over the short session on Thursday following another ratings downgrade.

Altice France Holding SA’s 10½% senior notes due 2027 (Caa2/CCC-) improved less than 1/8 point to near the 37¾ bid area in heavy trading totaling nearly $30 million, a source said.

Altice France SA and affiliate Altice USA, Inc. are listed among the 10 largest junk bond and loan issuers with amounts outstanding of $16.21 billion and $22.72 billion, respectively, according to a JPMorgan Securities LLC note released Thursday to Prospect News.

Distressed exchanges have jacked the default rate higher across both bonds and loans this year.

The par-weighted high-yield default rate is 1.66%, or 2.53% including distressed exchanges, JPMorgan said.

For loans, the par-weighted default rate is 1.77%, or 3.17% including distressed exchanges.

Meanwhile, AMC Entertainment Holdings, Inc.’s notes climbed on Thursday, while its stock sank after the company announced it was selling up to $250 million more of its class A common stock.

AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) went out ¾ point better at 66¾ bid on $15 million of action, a source said.

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