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Michaels’ distressed retail notes climb; DISH mostly up; Grubhub bonds decline 2 points
By Cristal Cody
Tupelo, Miss., June 27 – Distressed trading picked up on Tuesday with paper from Michaels Cos., Inc. rallying as much as 2¼ points over the session.
Michaels’ 7 7/8% senior notes due 2029 (Caa2/CCC) went out 1½ points better on the day at 67¾ bid, a source said.
Another source saw the notes trading 2 points to 2¼ points higher over the session at 68¾ bid.
The retailer’s 5¼% notes due 2028 (B2/B-) improved 1¼ points to a quote of 80¼ bid.
DISH Network Corp.’s paper also was mostly up about ½ point to 1 point by the day’s close.
DISH DBS Corp.’s 7¾% senior notes due 2026 (B3/B-) traded nearly 1 point higher on Tuesday at 59¼ bid, a source reported.
The 7 3/8% senior notes due 2028 (B3/B-) improved nearly ½ point to the 52½ bid range.
Grubhub Holdings Inc.’s 5½% senior notes due 2027 (B3/B-) came under renewed pressure on Tuesday after softening in the prior week.
The issue was down 2 points at 57¾ bid by the end of the session, a source said.
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