Streetbeat News

Credit

WM

Waste Management has priced a public offering of $1.50 billion in senior notes, with $750 million due in 2027 and $750 million due in 2031. The proceeds will be used to repay borrowings under its commercial paper program and for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 9:56 pm

SEDG

SolarEdge Technologies (SEDG) announced that PM&M Electric, a customer owing the company approximately $11.4 million under a secured promissory note, has filed for Chapter 7 bankruptcy. SolarEdge is monitoring the proceedings but cannot guarantee the outcome or timely collection of the owed amount.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 9:37 pm

HRZN

Horizon Technology Finance Corporation (NASDAQ:HRZN) has secured a new $100 million senior secured credit facility through its subsidiary, Horizon Funding II, LLC. This facility, led by a large U.S. insurance company, can be increased to $200 million. Horizon plans to use this facility to leverage existing investments and deploy additional capital for new investments.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 8:22 pm

SEDG

SolarEdge Technologies has announced a private offering of $300 million in convertible senior notes due 2029. Initial purchasers have a 13-day option to buy an additional $45 million in notes. The offering is targeted at qualified institutional buyers under Rule 144A.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 8:08 pm

SPY

Fed's Daly states that monetary policy is restrictive, consumer savings are largely exhausted, and spending should slow down. Despite this, the U.S. economy remains resilient.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:46 pm

SPY

Fed's Daly indicates that the risks to inflation and employment are currently balanced. She emphasizes the need for caution in not loosening monetary policy too early or holding it too long. Daly notes that the labor market is strong and there is cautious optimism in the business community, with low initial claims for unemployment insurance.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:45 pm

SPY

Fed's Daly indicates significant progress on inflation but emphasizes that more work is needed. She highlights the conditional nature of policy, suggesting that if inflation falls slowly, rates will stay high longer, but if inflation drops quickly or the labor market weakens, rates may be lowered.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:01 pm

AGG

BND

BNDX

Markets are expecting the neutral rate to stay higher than policymakers forecast, which may limit the Federal Reserve's ability to cut interest rates and create headwinds for bond ETFs. This could impact the performance of bond ETFs like iShares Core U.S. Aggregate Bond ETF (AGG), Vanguard Total Bond Market Index Fund (BND), and Vanguard Total International Bond Index Fund (BNDX).

Portfolio Pulse from Michael Juliano

June 24, 2024 | 4:16 pm

KNGS

REGL

SON

Sonoco Products Company (NYSE:SON) has announced a $3.9 billion acquisition of Eviosys, a leading metal packaging manufacturer. The deal is expected to enhance Sonoco's global market position and is projected to close by the end of 2024. The acquisition will be financed through new debt and equity issuance, with plans to maintain an investment-grade credit rating. Sonoco anticipates significant synergies and a positive impact on earnings per share. The company also plans to divest ThermoSafe and other assets to generate $1 billion in proceeds.

Portfolio Pulse from Lekha Gupta

June 24, 2024 | 1:29 pm

AMC

GME

AMC Entertainment Holdings Inc (NYSE:AMC) is in confidential talks with lenders to reduce its debt and extend near-term maturities. The company has over $2.8 billion in maturities due in 2026. AMC has also raised $250 million through a recent equity offering. The stock has been volatile due to renewed interest in meme stocks, partly driven by GameStop Corp (NYSE:GME) trader Keith Gill. Additionally, AMC may be benefiting from the success of 'Inside Out 2' at the box office.

Portfolio Pulse from Adam Eckert

June 24, 2024 | 1:26 pm