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Distressed bonds with 8½% coupon lifted; Shutterfly improves; Bausch up; Qurate better
By Cristal Cody
Tupelo, Miss., May 17 – Shutterfly, LLC’s bonds gained in secondary trading on Wednesday after coming under pressure the previous day following the company’s launch of a debt exchange offer and consent solicitation.
Shutterfly’s 8½% senior secured notes due 2026 (B2/CCC) improved about 1 3/8 points after declining about ¾ point on Tuesday after the announcement.
The notes went out at 45 bid in mostly light secondary action, a source said.
Distressed bonds carrying an 8½% coupon found a sweet spot on Wednesday in the secondary market, sources reported.
Bausch Health Cos. Inc.’s 8½% senior secured notes due 2027 (Caa1/CCC+/B) jumped 3½ points to 54¼ bid over the session.
Qurate Retail Inc.’s 8½% senior notes due 2029 (Caa2/CCC-) gained 1½ points by the close to a quote of 33¾ bid.
Bausch Health was one of the most heavily traded distressed names seen during the session with its other bonds up about 1½ points to more than 3 points after the company announced a court ruling in its favor, a source said.
Bausch’s 11% senior secured notes due 2028 (Caa1/CCC+/B) climbed 2 points to head out at 77½ bid on more than $21 million of volume.
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