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Bed Bath & Beyond lower in heavy trading; Party City mostly flat; Diamond Sports active
By Cristal Cody
Tupelo, Miss., Jan. 27 – Bed Bath & Beyond Inc.’s notes edged down with the issuer the most active distressed name in the secondary market on Friday after the company reported that its loans were called due to default.
The distressed retailer’s notes dropped about ¾ point on more than $22 million of paper changing hands by the day’s close.
“This could be the end for them,” a source said.
Bed Bath & Beyond’s 5.165% notes due 2044 saw the heaviest interest with almost $23 million of notes traded at a quote of 5¾ bid, a source said.
Bankrupt Party City Holdings Inc.’s 8¾% senior secured notes due 2026 (D/C) were mostly flat at 10½ bid, 11½ offered on less than $2 million of secondary supply, a source said.
Diamond Sports Group LLC also was among the most active distressed names traded on Friday on about $8 million of volume as the company looks to be the next “tap for an 11 filing,” a source said.
The 5 3/8% senior secured notes due 2026 (Caa3/CCC-) went out mostly unchanged at 6½ bid, 7½ offered.
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