Bloomberg: Shutterfly bonds fall on delay of annual report

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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

Bloomberg Law reports Apollo Global Management-backed Shutterfly LLC’s bonds fell Tuesday, April 18, after the photo products retailer informed investors it will delay the release of its annual results for 2022, according to people with knowledge of the matter.

According to the report from Bloomberg’s Reshmi Basu and Erin Hudson, Shutterfly advised debt holders it amended its credit documents to allow the company to push back its 2022 financial results to May 15.

No longer a public company, Shutterfly has struggled with layoffs and lagging results since being acquired.