Hasbro Secures $500M In Bonds As Part of Strategic Turnaround
Portfolio Pulse from Hayden Buckfire
Hasbro Inc. (NASDAQ:HAS) successfully raised $500 million through a sale of 10-year bonds, marking its first bond issuance since 2019. The funds were raised at a yield of 1.6% above treasury bills, with the sale managed by Bank of America, Citigroup, JPMorgan, and Bank of Nova Scotia. This move comes as part of Hasbro's strategic turnaround, following its $4 billion acquisition of Entertainment One Ltd in 2019 and subsequent sales of several business segments. The company recently reported first-quarter earnings that exceeded analysts' expectations, despite facing challenges such as low consumer demand in the U.S. and a significant workforce reduction.
May 08, 2024 | 9:57 pm
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Hasbro Inc. raised $500 million through a bond sale to support its strategic initiatives, including the turnaround following its acquisition of Entertainment One Ltd. The company's recent earnings beat and proactive financial management may positively influence investor sentiment.
The successful bond sale provides Hasbro with additional capital to continue its strategic initiatives, potentially leading to improved financial health and investor confidence. The recent earnings beat further supports a positive outlook for the company, despite challenges such as low consumer demand and workforce reductions.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100