Apollo-Backed Michaels’ Junk Bonds Rally On Improved Earnings

Junk bonds issued by arts and crafts retailer Michaels Cos. jumped Tuesday after the company reported an increase in quarterly earnings and paid down debt.

• The company’s 7.875% notes due in 2029 rose 7.5 cents on the dollar to 75 cents as of 8:41 a.m. New York time and led gainers in the US high-yield market, according to Trace data
• Its 5.25% bonds maturing in 2028 jumped 5.125 cents on the dollar to 84 cents, the data show
• During the 2023 fiscal year, the company repurchased $153.2 million of the 7.875% unsecured notes for $96.7 million in cash, according to ...