AMC notes gain in pre-holiday trade; Embarq, Lumen flash weaker signs; Rite Aid mixed

By Cristal Cody

Tupelo, Miss., Nov. 23 – AMC Entertainment Holdings, Inc.’s bonds rallied about 2 points to more than 4 points with the paper attracting strong interest among lighter secondary activity on Wednesday.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were one of the day’s biggest gainers with the notes quoted up 3½ points to 4½ points on $38 million of volume, going out at 37 bid, a source said.

In other distressed market movers on Wednesday, Embarq Corp.’s bonds and credit default swap spreads weakened, sources reported.

Embarq’s 7.995% notes due 2036 (Caa2/CCC/CCC) declined about 1¼ points to a print of 41.40 on $3 million of paper turning over.

The company’s CDS spreads widened more than 150 basis points for the past week ended Wednesday.

Former owner Lumen Technologies, Inc.’s CDS spreads also widened more than 125 bps this past week ended Wednesday.

Rite Aid Corp.’s paper was mostly quiet on Wednesday as the drugstore chain posted results for its early tender for the 7½% senior secured notes due 2025, while its CDS spreads tightened a second consecutive week, according to market sources.

The 7½% senior secured notes due 2025 (B3/CCC-/CCC) were last seen on Monday at 75 bid.

Rite Aid’s CDS spreads came in more than 175 bps for the week ended Wednesday.

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