Michaels Bonds Drop After Company Discloses CFO Departure Plans

Michaels Cos. bonds are falling in the US high-yield market on Wednesday after the company disclosed that Chief Financial Officer Michael Diamond is departing the arts and crafts retailer for a new opportunity, according to people with knowledge of the matter.

• Michaels’ 7.87% senior unsecured bond maturing in 2029 dropped 1.25 cents on the dollar to 62.25 cents as of 10:57 a.m. New York time, according to Trace
  • Its 5.25% note due in 2028 fell 1 cent to 78.5 cents as of 9:26 a.m.
• Michaels didn’t immediately respond to a request for comment

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