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Demand for High-Yield Debt Revives

Claires Stores, Chesapeake Energy sell debt as borrowing costs tumble.

By Sapna Maheshwari, Bloomberg | Updated on February 14, 2012

Claire’s Stores Inc., the jewelry retailer owned by Apollo Global Management LLC, and Chesapeake Energy Corp. are offering bonds, as investor appetite for high-yield debt soars to the highest level since June.

Claire’s, graded Caa2 by Moody’s Investors Service and B- by Standard & Poor’s, sold $400 million of 9 percent, seven-year notes, according to data compiled by Bloomberg. Chesapeake, rated three steps below investment grade at Moody’s, may issue $1 billion of seven-year debt at a yield of about 7 percent today, said a person with knowledge of the offering, who declined to be identified because terms aren’t set.

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