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Distressed private retail in focus; Michaels climbs; Staples gains; WW paper declines
By Cristal Cody
Tupelo, Miss., Dec. 5 – Distressed private retail paper came under heavy focus in the secondary market on Tuesday.
Michaels Cos, Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC-) climbed 1 5/8 points to 58½ bid on more than $28 million of bonds changing hands, a source said.
Staples Inc.’s 10¾% senior notes due 2027 (Caa2/CCC) also traded better during the session in lighter supply. The notes were up 1¼ points at a quote of 67 bid on $3 million of activity, according to a market source.
Staples’ bonds have improved more than 5 points over the past week after the private company reported third-quarter earnings results.
Meanwhile, bonds from WeightWatchers operator WW International Inc. were pressured on Tuesday in active supply in the distressed market.
WW’s 4½% senior secured notes due 2029 (B3/B) fell ¼ point to 56¼ bid on $14.25 million of trading, a market source said.
The notes have given back about 10 points since August.
WW International reported in a regulatory filing in the prior week that its general counsel and secretary would depart the company on Dec. 29.
The company’s executives participated a week ago in the BofA Securities Leveraged Finance Conference and earlier in November in the Jefferies London Healthcare Conference.
WW’s shares (Nasdaq: WW) dropped over 8% on Tuesday.
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