Market Chatter: Apollo Global Management's Michaels Uses $101 Million Tariff Refund to Repurchase Debt

05:01 AM EDT, 09/15/2026 (MT Newswires) -- Apollo Global Management (APO)-owned Michaels used $101 million of a more than $170 million tariff refund to repurchase debt, reducing net leverage to 4.8 times from 6.3 times a year earlier, Bloomberg reported Monday, citing people familiar with the matter. Michaels received more than $170 million in IEEPA tariff refunds, lifting preliminary Q2 adjusted EBITDA to $178 million from $104 million, versus about $94 million excluding the refund, according to the report. The company used the refund to repurchase $101 million of its 11% second-lien notes, which traded at about 97 cents on the dollar Monday, Bloomberg added. Apollo Global Management did not immediately respond to MT Newswires' request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)