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Qurate Retail, QVC decline; Bed Bath & Beyond soft; Michaels improves; 99 cents flat
By Cristal Cody
Tupelo, Miss., June 14 – Distressed retail paper remained mostly weak in secondary action on Tuesday.
Qurate Retail Inc.’s 8½% senior debentures due 2029 (B2/B) issued by Liberty Media Corp. were trading down about 3 points by late afternoon after shedding about 2½ points on Monday.
The issue was quoted at the 69 bid area.
Paper from the shopping network owner’s subsidiary, QVC Inc., also was weaker.
QVC’s 4 3/8% senior secured notes due 2028 (Ba2/BB+) were about 2½ points lower on the day at a print of 75.3 by the close, a source said.
Bed Bath & Beyond Inc.’s senior notes (B3/B+) were mixed over the day but trading about 15 points to over 20 points lower since April.
The retailer’s 5.165% senior notes due 2044 (B3/B+) were quoted at 39 bid, about 1 point higher on the day.
Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (B3/CCC+) recovered ¾ point to head out at 68½ bid after dropping 1¼ points on Monday, a source said.
99 Cents Only Stores LLC’s 7½% senior secured notes due 2026 (Caa2/B-) were quiet after trading mostly flat on Monday at a print of 71.65, a market source said.
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