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Credit

BOX

Box, Inc. is planning a $400 million private offering of convertible senior notes due 2029, with an additional $60 million option. The proceeds will be used to repurchase 2026 notes and for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

September 16, 2024 | 8:13 pm

MSTR

MicroStrategy has announced a $700 million private offering of convertible senior notes due in 2028, with an option to purchase an additional $105 million. The offering is subject to market conditions.

Portfolio Pulse from Benzinga Newsdesk

September 16, 2024 | 8:05 pm

APO

BHC

BLCO

Bausch + Lomb Corp (BLCO) is considering a sale to address separation issues from its parent, Bausch Health Companies (BHC), which faces significant debt. The potential sale aims to alleviate creditor concerns and could increase BLCO's stock value. BHC's financial stability is challenged by its debt and the impending loss of patent protection for its lead drug, Xifaxan.

Portfolio Pulse from Vandana Singh

September 16, 2024 | 5:22 pm

SPY

White House's Brainard indicated that markets are projecting lower mortgage and car loan rates, which are expected to support economic recovery. This was discussed at a Council on Foreign Relations event.

Portfolio Pulse from Benzinga Newsdesk

September 16, 2024 | 4:52 pm

UPST

Upstart Holdings, Inc. (NASDAQ:UPST) shares fell after announcing a $300 million convertible senior notes offering. The notes, maturing in 2029, can be converted into cash or stock. Proceeds will fund capped call transactions and repurchase existing notes. The stock is trading above its 50-day average, but analysts suggest potential downside.

Portfolio Pulse from Erica Kollmann

September 16, 2024 | 4:51 pm

ACRDF

AYRWF

CBSTF

JUSHF

TSND

The cannabis debt market is experiencing significant activity, with $632M in proceeds from recent transactions. Companies like TerrAscend, Jushi, AYR, PharmaCann, Cannabist, and Acreage are involved in refinancing existing debt. The market is accurately pricing credit risk, and demand exists across the credit quality spectrum.

Portfolio Pulse from Viridian Capital Advisors

September 16, 2024 | 2:55 pm

AAVEUSD

ETHUSD

Bernstein analysts predict that potential Federal Reserve rate cuts could benefit the crypto credit markets, particularly DeFi and Ethereum. Aave, a major DeFi platform, could see increased activity and yields, attracting large investors back to the crypto market.

Portfolio Pulse from Khyathi Dalal

September 16, 2024 | 2:27 pm

ACI

KR

Kroger has extended the expiration date for its exchange offers and consent solicitations related to Albertsons Companies notes until September 23, 2024. This involves exchanging Albertsons' outstanding notes for new Kroger notes and cash.

Portfolio Pulse from Benzinga Newsdesk

September 16, 2024 | 12:40 pm

GTBIF

SAM

Green Thumb Industries Inc. announced a $50 million share repurchase program, set to begin in September 2024. The company also closed a $150 million credit facility and is open to M&A and unique investments. Green Thumb's shares saw a slight increase following the announcement.

Portfolio Pulse from Jelena Martinovic

September 16, 2024 | 12:25 pm

RCL

Royal Caribbean Cruises is offering $1 billion in senior unsecured notes due 2031 to redeem and repay existing debt, including 7.250% Senior Notes due 2030 and obligations under the Silver Dawn finance lease.

Portfolio Pulse from Benzinga Newsdesk

September 16, 2024 | 11:31 am