Streetbeat News

Credit

BLK

MET

BlackRock Inc., Elliott Investment Management LP, Invesco, and MetLife are part of a committee of Thames Water's creditors leading crisis talks to restructure the utility's debt. The committee's formation suggests an acceleration in the pace of negotiations.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2024 | 3:19 pm

BIG

CONN

Big Lots Inc (NYSE:BIG) is seeking a new loan backed by assets like company leases after facing years of declining same-store sales and a 10.2% drop in net sales for the quarter ending May 4. The company is returning to extreme bargains and closeout sales to combat challenges. Conn’s Inc. (NASDAQ:CONN) recently filed for bankruptcy, highlighting broader retail sector difficulties.

Portfolio Pulse from Shivani Kumaresan

July 26, 2024 | 1:43 pm

DSX

Diana Shipping has signed a $167.3 million six-year secured term loan facility with Nordea Bank and has drawn the full amount immediately.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2024 | 1:26 pm

SPY

The Personal Consumption Expenditure (PCE) price index showed mixed readings in June, with a slight decline in annual inflation and steady core inflation. Personal income and spending also fell more than expected. These indicators support the likelihood of a Fed rate cut in September. Treasury yields declined slightly, while equity futures rose.

Portfolio Pulse from Piero Cingari

July 26, 2024 | 12:44 pm

TWOU

2U Inc. (NASDAQ:TWOU), an online education company, has filed for Chapter 11 bankruptcy due to mounting debt and competition. The company has secured a deal to cut its debt by 50% and will continue operations without service disruptions. The stock has plummeted 63.35% in one day and 95.70% year-to-date.

Portfolio Pulse from Benzinga Neuro

July 26, 2024 | 1:53 am

CUBI

Customers Bancorp remains committed to maintaining a CET 1 ratio around 11.5% and a TCE/TA ratio around 7.5% in 2024. The company expects 10%-15% loan growth for the full year and aims to operate at a mid-40's efficiency ratio over the medium term. Guidance on the effective tax rate has been adjusted to 23%-25% due to growth in higher-tax jurisdictions.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 9:21 pm

CVS

JPM

WBA

WMT

Walgreens Boots Alliance (WBA) is considering issuing high-yield bonds to manage its downgraded debt obligations, with JP Morgan Chase (JPM) gauging investor interest. The potential bond sale would come with a yield around 7.5%, significantly higher than previous rates. This follows Walgreens' downgrade to junk status by Moody's and S&P Global Ratings. WBA shares rose by 2.24% following the news.

Portfolio Pulse from Nabaparna Bhattacharya

July 25, 2024 | 6:41 pm

JPM

WBA

JPMorgan Chase & Co. is exploring investor interest in a potential high-yield bond sale by Walgreens Boots Alliance Inc. to refinance its near-term debt maturities. This would be Walgreens' first bond sale since its downgrade to junk status.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 4:22 pm

HP

Helmerich & Payne (NYSE: HP) has announced an agreement to acquire KCA Deutag for $1.9725 billion in cash. This acquisition will establish H&P as a global leader in onshore drilling, enhance its scale and diversification, and increase its rig count in the Middle East from 12 to 88. The deal is expected to be immediately accretive to cash flow and free cash flow per share, and H&P aims to maintain its high-quality investment grade credit rating.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 12:19 pm

GPI

Group 1 Automotive plans to offer $500 million of senior unsecured notes due in 2030.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 11:28 am