Michaels higher; Transocean softens; Nine Energy gives back; Envision Healthcare up

By Cristal Cody

Tupelo, Miss., March 29 – Distressed retail bonds from Michaels Cos., Inc. saw the bulk of secondary action over Tuesday’s session.

Michaels’ 7 7/8% senior notes due 2029 (B3/CCC+) were 2½ points higher with the paper the most active distressed issue traded, a market source said.

The company’s notes were quoted at 85¾ bid by the end of the day on $23 million of paper traded.

Energy paper at the distressed level, including Transocean Inc.’s notes, softened about ¼ point to ½ point in lighter secondary trading, a source said.

Nine Energy Service, Inc.’s 8¾% notes due 2023 (Caa3/D) were lower on Tuesday and have given back some of the gains made at the start of the month.

Nine Energy's 8¾% notes shed ¼ point in light trading totaling $3 million over the session, according to a market source.

The notes were quoted ending the session at 56¾ bid, down about 4½ points since March 8.

In distressed health care issues, Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) improved about ¼ point to the 48¼ bid area after climbing 1¾ points in Monday’s session, a source said.

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