Michaels heads out flat in strong supply; QVC paper gains; Level 3, Lumen notes active

By Cristal Cody

Tupelo, Miss., July 5 – Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC) traded flat in strong secondary volume that put the distressed notes among the most active junk names traded on Wednesday.

The issue went out Wednesday at 67¾ bid, unchanged from Monday, a market source said.

The bonds, carrying a nearly 17% yield, were the most active distressed issue seen moving during the session on trading supply that totaled $11.25 million.

Bonds from home shopping network QVC Inc. picked up about ½ point to 2½ points over the day in mostly light trading.

QVC’s notes saw the best gains in the distressed space over the session, according to a market source.

QVC’s 4¾% notes due 2027 (B2/B-) rallied 2½ points by Wednesday’s close to 66¼ bid on $3.85 million of activity.

Paper from Lumen Technologies, Inc. subsidiary Level 3 Financing, Inc. also was among the most active distressed bonds changing hands during the session.

Level 3 Financing’s 4 5/8% senior notes due 2027 (B1/B) fell ½ point to 69½ bid on $8.8 million of volume, a source said.

Lumen Technologies’ 5 1/8% senior due 2026 (Caa1/CCC+) were quoted at 69½ bid on $2.7 million of trading on Wednesday.

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