Michaels declines; Telesat moves lower; Talen trades up; Diamond Sports mostly flat

By Cristal Cody

Tupelo, Miss., April 6 – Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 dropped 1 1/8 points by the day’s end in the distressed secondary market Wednesday.

Michaels’ 7 7/8% senior notes due 2029 (B3/CCC+) headed out at 84 3/8 bid on $13 million of paper changing hands, a source said.

Telesat Canada LLC’s 6½% senior unsecured notes due 2027 (Caa1/B) softened about ½ point on the day to 50¾ bid on $13 million of supply.

The two issuers were the among the most active distressed issues seen over the session, a source said.

Talen Energy Supply LLC’s paper climbed ½ point to over 3 points in strong overall volume totaling about $17 million, according to a market source.

Talen’s 10½% senior notes due 2026 (Caa2/CCC/CCC) traded over 3 points higher to the 33 bid range on $4 million of supply.

In other distressed secondary trading, Shelf Drilling Holdings Ltd.’s 8¼% senior notes due 2025 (Caa3/CCC+) dropped over 2 points to the 81 bid area on $3 million of volume, a source said.

Diamond Sports Group LLC’s 5 3/8% second lien secured notes due 2026 (Caa3/CCC+) headed out mostly flat at 39 bid, a source said.

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