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Level 3 bonds erratic; AMC shakes off midweek pressure; iHeartCommunications climbs
By Cristal Cody
Tupelo, Miss., Feb. 29 – Level 3 Financing, Inc.’s paper has been volatile over the last few sessions as parent Lumen Technologies, Inc. faced an initial Thursday deadline to complete its transaction support agreement amended in January.
“I have been asking that question myself,” a trader said of the moves. “Today, it’s down 18 points.”
Level 3’s 3¾% notes due 2029 (Caa2/CC) slid 17½ points to 41 bid.
Lumen’s 4% senior secured notes due 2027 (Caa3/CC) traded up nearly 1 point to 60½ bid during the session.
AMC Entertainment Holdings, Inc.’s bonds shook off losses with the 10% senior secured second-lien notes due 2026 (Caa3/D) up 2¾ points at 79¼ bid, a source said.
“The market was somewhat firm,” a trader said. “The CDX was up 14 cents and HYG was about the same.”
“The market is just being data-driven,” a fixed income source said. “People are trying to gauge what the Fed’s going to do.”
iHeartCommunications, Inc.’s paper traded around 1¼ points to 4 points better after parent iHeartMedia, Inc. posted weak earnings, while the stock climbed over 20%, a source said.
iHeartCommunications’ 5¼% senior secured notes due 2027 (Caa1/B+) jumped 4 points to 74¾ bid by the end of the session.
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