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Party City notes steady; Shutterfly paper drops; Embarq lower; Carvana, Qurate improve
By Cristal Cody
Tupelo, Miss., Jan. 24 – Party City Holdings Inc.’s 8¾% senior secured notes due 2026 (Caa3/D/C) held steady in the secondary market on Tuesday, a week after the retailer filed for Chapter 11 bankruptcy.
The notes traded around 21 bid on $5 million of volume and yielded more than 82%, a source said.
Shutterfly LLC’s 8½% senior secured notes due 2026 (B2/CCC) were among the day’s biggest losers with the issue sinking 8 points, a source said.
The notes were quoted at 46¾ bid on $3.3 million of supply.
Embarq Corp.’s 7.995% notes due 2036 (Caa2/CCC/CCC) dropped about 2½ points to go out the door at 47½ bid, a source said.
Secondary trading in the name hit $5 million.
Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) went out more than 1 point better at 47 bid on light trading of $2 million, a source said.
Carvana's 5 5/8% notes due 2025 (Caa2/CCC) were quoted at 44½ bid on $3 million of paper changing hands.
Qurate Retail Inc.’s 8½% senior debentures due 2029 (B3/CCC) picked up 1¼ points on Tuesday to trade at 49 bid, but volume was less than $1 million, a source said.
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