Party City Announces Bond Deal to Raise $100 Million and Cut Debt 25%

Party City Holdco (NYSE: PRTY) reported first-quarter earnings that were as bad as one could expect during the coronavirus pandemic, but said it had negotiated a deal with some of its bondholders to raise $100 million while simultaneously cutting its debt load by 25%.

The party supplies retailer saw its stock lose 40% of its value over the past three trading days, dropping 24% just on Thursday. But in pre-market trading on Friday after announcing the deal, shares of Party City were soaring 30% higher.

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Source Fool.com