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Credit

LH

Labcorp has announced a $2 billion senior notes offering across three tranches due in 2030, 2032, and 2034. The proceeds will be used to redeem or repay existing debt, including $400 million of 2.30% Senior Notes due 2024 and $1 billion of 3.60% Senior Notes due 2025, as well as $350 million in revolving credit facility borrowings.

Portfolio Pulse from Benzinga Newsdesk

September 17, 2024 | 7:32 am

CNI

Canadian National Railway (CNI) announced a $750 million debt offering with 4.375% notes due in 2034. The proceeds will be used for general corporate purposes, including debt refinancing, share repurchases, and acquisitions.

Portfolio Pulse from Benzinga Newsdesk

September 17, 2024 | 7:25 am

RCL

Royal Caribbean has priced an upsized offering of $1.5 billion in 5.625% senior unsecured notes due 2031. The proceeds will be used to refinance existing debt, including redeeming 7.250% senior notes due 2030 and repaying obligations under the Silver Dawn finance lease.

Portfolio Pulse from Benzinga Newsdesk

September 17, 2024 | 7:18 am

TIP

Ahead of the FOMC meeting, Paul Krugman argues that even with a 50 basis-point rate cut, Fed rates will remain elevated. He suggests that the current economic conditions do not justify such high rates, while others like Peter Schiff warn against rate cuts due to potential inflationary pressures. The iShares TIPS Bond ETF (TIP) saw a slight increase, reflecting market reactions to inflation concerns.

Portfolio Pulse from Shanthi Rexaline

September 17, 2024 | 6:35 am

BFI

BurgerFi has received interim court approval for $3.5 million in debtor-in-possession financing to support its restructuring efforts across 144 locations. This financing will help stabilize operations and maintain brand standards.

Portfolio Pulse from Benzinga Newsdesk

September 17, 2024 | 6:26 am

UPST

Upstart has announced the pricing of an upsized offering of $375 million in 2.00% convertible senior notes due in 2029. These notes are senior, unsecured obligations and will mature on October 1, 2029, with interest payable semi-annually starting April 1, 2025.

Portfolio Pulse from Benzinga Newsdesk

September 17, 2024 | 6:09 am

BTC-USD

Economist Peter Schiff warns that upcoming Federal Reserve rate cuts may not lower borrowing costs and predicts rising mortgage rates and a potential dollar collapse. Schiff suggests a 100 basis points rate hike as a solution. The Federal Open Market Committee is set to meet on September 18, with debates on the size of the anticipated rate cut.

Portfolio Pulse from Benzinga Neuro

September 17, 2024 | 3:50 am

MSTR

MicroStrategy's stock fell after announcing a $700 million convertible senior notes offering, with plans to use proceeds for debt redemption and Bitcoin purchases. Canaccord Genuity maintained a Buy rating but lowered the price target.

Portfolio Pulse from Erica Kollmann

September 16, 2024 | 9:32 pm

BAC

COF

DFS

NWFAX

RKT

TREE

The Federal Reserve's potential interest rate cuts may not significantly impact consumer credit card APRs or mortgage rates in the short term, according to economists. While some financial stocks like Bank of America, Rocket Companies, Discover Financial Services, and Capital One Financial saw gains, the overall effect of a minor rate cut is expected to be negligible for consumers.

Portfolio Pulse from Michael Juliano

September 16, 2024 | 8:23 pm

BAC

Bank of America is set to redeem $1.75 billion of its 3.093% Fixed/Floating Rate Senior Notes due October 2025 on October 1, 2024. The redemption will be at 100% of the principal amount plus accrued interest.

Portfolio Pulse from Benzinga Newsdesk

September 16, 2024 | 8:18 pm