Altice paper drops ‘like stone’; Michaels climbs; JoAnn soft; Rite Aid bounces higher

By Cristal Cody

Tupelo, Miss., March 26 – Trading on Tuesday continued to center heavily on distressed paper in Altice France Holding Restricted Group and related subsidiaries.

Altice France Holding SA’s 10˝% senior notes due 2027 (Caa2/CCC) declined around 4 points to 36 bid, 37 offered, a source said.

The bonds had hit a high point this month just last week on March 20 when the issue was quoted at 70˝ bid, 71˝ offered.

“They’ve been dropping like a stone since then,” the source said.

One of the day’s biggest gainers was Michaels Cos, Inc., which rallied around 3˝ points to 4˝ points on more than $50 million of paper changing hands after the retailer announced positive earnings results, sources reported.

The 7 7/8% senior notes due 2029 (Caa2/CCC-) traded nearly 10 points better on the day at one point before pulling back on some of the gains and going out over 5 points better at 72 bid, 73 offered.

Retail has been under pressure in 2024 with the latest Chapter 11 bankruptcy announced last week from fabric and craft chain Joann Inc.

Joann’s term loan was last seen trading in the prior week at 5˝ bid, 6˝ offered, a source said.

Rite Aid Corp.’s 8% senior secured notes due 2026 traded about ˝ point better at 66 bid, 67 offered, a source said.

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