Apollo-Backed Shutterfly’s Bonds Drop After 2022 Earnings Delay

Apollo Global Management-backed Shutterfly LLC’s bonds fell Tuesday after the photo products retailer informed investors that it will delay the release of its annual results for 2022, according to people with knowledge of the matter.

• Shutterfly’s 8.5% secured bonds due 2026 changed hands at around 42 cents on the dollar on Tuesday afternoon, compared to about 53 cents as of March 14, according to Trace data

• Shutterfly last week told debt holders that it amended its credit documents to allow the company to push back the release of fiscal results for 2022 to May 15, the people ...