AMC lower; Diebold Nixdorf mixed on start of distressed exchange offers; Ligado steady

By Cristal Cody

Tupelo, Miss., Nov. 29 – Secondary supply thinned in the distressed debt space on Tuesday with a few names seen attracting stronger trading action.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) declined ¼ point to 35 bid in one of the more active distressed issues, a source said.

Secondary volume totaled $11.25 million.

AMC’s notes have slid nearly 20 points since the start of the month.

Diebold Nixdorf Inc.’s bonds were mixed in thin trading with the secured notes mostly flat and the senior paper up more than 5 points after the company announced the start of distressed exchange offers and consent solicitations for the issues.

The 8½% senior notes due 2024 (Ca/CCC-) jumped to 60 bid by the close, a market source said.

The bonds went out Monday at 53½ bid.

Diebold Nixdorf’s 9 3/8% senior secured notes due 2025 (Caa2/CCC+) traded flat to modestly lower on Tuesday at the 70¾ bid area.

Ligado Networks’ 15½% senior secured first-lien notes due 2023 (Caa1) were little changed in strong secondary supply that placed it as the most traded distressed issue seen over the session, according to a market source.

The issue went out mostly flat at 31 bid on $13 million of paper changing hands.

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