Michaels’ notes slide; QVC, Qurate soften; Rite Aid mostly weaker; DISH on the rebound

By Cristal Cody

Tupelo, Miss., Oct. 5 – Distressed retail bonds had some of the biggest declines in strong secondary trading on Thursday.

Michaels Cos, Inc.’s bonds slid 3¼ points to 3½ points in some of the day’s heaviest traded notes on $39 million of volume over two tranches following a downgrade, a source said.

QVC Inc. and parent Qurate Retail Inc. also remained under pressure.

QVC’s 4 3/8% senior secured notes due 2028 (B2/B-) fell about 2 points to around 47½ bid, while Qurate Retail’s 8½% senior notes due 2029 (Caa2/CCC-) traded off 1¾ points to 29 bid, sources said.

Rite Aid Corp.’s notes traded flat to weaker in light activity after the retailer reported that its stock is no longer in compliance with listing requirements.

The 8% senior secured notes due 2026 (Caa3/CCC-/B) were mostly unchanged at 61 bid on $2.4 million of trading, a source said.

DISH Network Corp. paper staged a small turnaround with its bonds quoted up about 5/8 point to 1 point on the day.

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