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Michaels paper trades up; DISH bonds on upswing; AMC notes improve
By Cristal Cody
Tupelo, Miss., Oct. 6 – Michaels Cos, Inc.’s bonds limped back on Friday in lighter secondary activity after the paper dove 3¼ points to 3½ points on Thursday on $39 million of volume.
Michaels’ 7 7/8% senior notes due 2029 (Caa2/CCC-) added ¾ point to a quote of 60¾ bid in thin trading totaling $2 million, a source said.
The company’s 5¼% senior secured notes due 2028 (B2/CCC+) were ½ point better at 75¼ bid on $9.5 million of secondary activity.
DISH Network Corp.’s bonds continued to trade heavily on Friday and were among the most active junk and distressed names and biggest gainers during the session.
The 7¾% senior notes due 2026 (Caa2/B-) were up 7/8 point at 70¾ bid on $19.75 million of trading by the afternoon, a source said.
The company’s 5 1/8% senior notes due 2029 (Caa2/B-) climbed 2 points to 54½ bid on $5 million of volume.
AMC Entertainment Holdings, Inc.’s paper also saw some of the biggest gains in the secondary market on Friday, a source said.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) picked up 2 points to hit 77 bid on $6.5 million of trading.
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