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JOAN

Joann Inc (NASDAQ:JOAN), a fabric and crafts retailer, has initiated voluntary prepackaged Chapter 11 cases to restructure its debt. The company has entered into a Transaction Support Agreement with key stakeholders, securing about $132 million in new financing and aiming to reduce its funded debt by approximately $505 million. Joann expects to complete the restructuring by late April 2024, with its stores and website operating as normal. Shares surged 64.9% to $0.38 in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 18, 2024 | 10:51 am

WTI

W&T Offshore has modified its non-recourse term loan with Munich Reserve Risk Financing, expected to enhance liquidity through 2024 without raising net leverage. This strategic financial maneuver aims to strengthen the company's financial position by providing additional liquidity, ensuring operational flexibility without adding to its debt burden.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 10:47 am

VALN

Valneva has negotiated an extension of the interest-only payment term for its loan facility with Deerfield and OrbiMed. The first $100 million tranche's reimbursements will now begin in January 2026, an 18-month delay from the original start date of July 2024, while its maturity date in the first quarter of 2027 remains unchanged. The terms for the second $100 million tranche are not altered.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 6:43 am

JOAN

JOANN has entered into an agreement to reduce its debt by approximately $505 million and receive $132 million in new capital along with related financial accommodations. The company will continue its operations as usual, with stores and JOANN.com remaining open. Vendors, landlords, and other general unsecured creditors will not be impaired by this agreement. JOANN is implementing a prepackaged financial recapitalization plan on an expedited basis.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 5:56 am

BTCUSD

The weekend financial news roundup covered topics from Bitcoin's potential to address the U.S. national debt, Edward Snowden's critique of Janet Yellen, to the unexpected rise in inflation affecting Federal Reserve decisions. Coinbase CEO Brian Armstrong suggested Bitcoin as a solution to the national debt crisis. Edward Snowden highlighted a contradiction in Yellen's statements regarding U.S. financial capabilities. Inflation rates exceeding expectations in February 2024 are likely to influence the Federal Reserve's upcoming decisions, with persisting inflation adding pressure on Fed Chair Jerome Powell. Additionally, Dave Ramsey criticized the traditional retirement paradigm, advocating for a re-evaluation of life and financial planning.

Portfolio Pulse from Benzinga Neuro

March 17, 2024 | 10:45 am

SNY

Private equity firms, including CD&R, are considering leveraged financing of approximately €7.5 billion ($8.16 billion) for the acquisition of Sanofi's consumer health division. This potential deal could rank as one of the largest leveraged buyouts in recent history. The financing is expected to involve both banks and direct lenders.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 4:03 pm

MSTR

JPMorgan analysts have expressed concerns about the potential market risks posed by MicroStrategy's debt-driven Bitcoin purchases. MicroStrategy, under CEO Michael Saylor, has aggressively bought Bitcoin, financed through debt, including a plan to issue $500 million in convertible debt for more purchases. This strategy, amid Bitcoin's price surge to over $73,000, could amplify a market downturn, with some predicting a correction to the $50,000 range.

Portfolio Pulse from Benzinga Neuro

March 15, 2024 | 10:36 am

FXI

China's new loans for February amounted to 1,450.0 billion, falling short of the estimated 1,540.0 billion and significantly lower than the previous 4,920.0 billion.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 9:14 am

MMI

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), facilitated the sale and arranged financing for Alta Chandler at The Park, a multifamily asset in Chandler, Arizona, for $94.5 million. IPA Capital Markets secured $52 million in acquisition financing for the deal.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 5:55 am

EVA

Enviva's shares are trading higher following the announcement of voluntary Chapter 11 proceedings, a $1 billion debt reduction, and securing $500 million in new financing.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 7:30 pm