Party City lower on bankruptcy after trading lull; Bed Bath & Beyond down; Tacora up

By Cristal Cody

Tupelo, Miss., Jan. 18 – Party City Holdings Inc.’s paper saw secondary action on Wednesday on the heels of the company’s Chapter 11 bankruptcy filing after a week-long trading lull.

Party City’s 10.13% notes due 2025 (Caa3/CCC) and its 8¾% senior secured notes due 2026 (Caa3/CCC) attracted just over $7 million of volume on Wednesday, a source reported.

“Nothing has traded since the 9th on Party City,” the source said. “Everybody has been waiting.”

On Wednesday, Party City’s 8¾% notes were quoted at 19¼ bid on $3.19 million of volume.

Bed Bath & Beyond Inc.’s paper remained soft on Wednesday, but overall secondary supply has been thin with trading in “small pieces” as the notes posted steady declines over the past week, a market source said.

The distressed retailer’s 3.749% senior notes due 2024 (C/D) were quoted with an 11 handle on Thursday, a 9½ bid handle on Friday, a 9 handle on Tuesday and down to a 7 handle on Wednesday.

Looking at gainers, one distressed company stood out in the secondary market on Wednesday.

Iron ore mining company Tacora Resources Inc.’s 8¼% senior secured notes due 2026 (Caa3/CCC-) shot up 8 points to head out at 73¼ bid, a source said.

The issue, totaling $225 million outstanding, saw $5 million of secondary volume.

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