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Rite Aid notes decline after bankruptcy filing; Walgreens pressured; Michaels edges up
By Cristal Cody
Tupelo, Miss., Oct. 16 – Rite Aid Corp.’s bonds fell more than 1 point on Monday following the retailer’s Chapter 11 bankruptcy filing, but volume stayed light as the move brought little wonder.
“No surprise on that one,” a source said. “I think people have already done their valuations on it.”
Rite Aid’s 8% senior secured notes due 2026 (Caa3/D/B) and 7½% senior secured notes due 2025 (Caa3/D/B) were trading at the same levels around 62½ bid, 63½ offered, down from 65½ bid, 66½ offered on Friday, the source said.
Rite Aid’s 7.7% debentures due 2027 (Ca/D/CC) saw more action over the day on $3.8 million of paper changing hands.
The notes softened about 1¼ points to 5¼ bid, 6¼ offered.
Also in the pharmacy retail space on Monday, bonds from high-grade issuer Walgreens Boots Alliance, Inc. widened about 15 basis points after the company was put on review for downgrade by Moody’s Investors Service, a source said.
Walgreens’ 3.2% senior notes due 2030 (Baa3/BBB) declined about ½ point in dollar price to 80¾ bid, 81¾ offered.
In other distressed retailers, Michaels Cos, Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC-) went out ¼ point higher on Monday at 61¼ bid, 62¼ offered, a source said.
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