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Credit

SPY

Atlanta NPR reports that Fed's Bostic has stated banks are aware of the risks on their books and are prepared to manage them. This statement aims to reassure the market about the stability and risk management capabilities of banks amidst economic uncertainties.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 6:33 pm

ZLAB

Zai Lab entered into an uncommitted facility letter with the Bank of China (Hong Kong) Limited, which will provide standby letters of credit for loans of up to $100M for a term of one year.

Portfolio Pulse from Charles Gross

February 08, 2024 | 9:46 pm

MRAI

Marpai, Inc. (NASDAQ:MRAI) announced two key financial agreements: an amendment with AXA S.A. to delay payment obligations and secure $1.7 million in revenue-based financing from Libertas Funding, LLC. The amendment with AXA reduces the 2024 payment to $473,688 and delays further payments to 2025, with potential payment reduction criteria including maintaining NASDAQ listing. Marpai's CEO, Damien Lamendola, commits to investing $3 million in equity in 2024. The financing from Libertas, which has provided over $2.6 billion to businesses since 2016, will be used for short-term working capital needs.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 9:15 pm

FRHC

KRE

LDI

NYCB

PFSI

U.S. Treasury Secretary Janet Yellen warned of potential failures among non-bank lenders due to stretched household finances and rising loan delinquencies. Non-bank lenders, which rely on short-term funding, could face risks if the lending market becomes strained. U.S. household debt reached a record $17.5 trillion, with mortgage and credit card debts at all-time highs. This situation poses a risk to non-bank lenders like Freedom Holding Corp. (FRHC), LoanDepot Inc (LDI), and PennyMac Financial Services (PFSI). Additionally, regional banks such as New York Community Bancorp, Inc. (NYCB) are under strain, with the SPDR S&P Regional Banking ETF (KRE) experiencing a decline.

Portfolio Pulse from Neil Dennis

February 08, 2024 | 7:52 pm

NSTG

NanoString Technologies' stock is trading higher following the announcement of a debtor-in-possession credit facility agreement, which provides for $12.5 million in initial loans.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 7:00 pm

NSTG

NanoString Technologies has entered into a debtor-in-possession credit facility agreement, according to an SEC filing. The agreement provides for an initial loan of $12.5 million, with an additional $35 million available upon final court approval. Furthermore, there is a provision for a $95 million debt 'roll up' from a previous agreement.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 3:56 pm

SPY

U.S. Treasury Secretary Yellen emphasized the need for the U.S. to reduce its deficits to ensure fiscal sustainability. She noted that most forecasters and the Congressional Budget Office (CBO) expect interest rates to decline somewhat.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 2:38 pm

CURO

CURO Group Holdings Corp. announced the expiration and results of its consent solicitation for the 7.500% Senior 1.5 Lien Secured Notes due 2028. The solicitation was aimed at obtaining consent from the note holders for certain proposed amendments to the terms of the notes.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 11:07 am

HI

Hillenbrand, Inc. (NYSE:HI) has priced a public offering of $500M in 6.2500% senior unsecured notes due 2029, aiming to close by February 14, 2024. The proceeds will be used to repay borrowings under its revolving credit facility and for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 7:47 am

RCI

Rogers Communications Inc. (RCI) has announced the pricing of a $2.5 billion public offering of senior notes, split equally between 5.00% notes due 2029 and 5.30% notes due 2034. The net proceeds, approximately $2.46 billion, are intended to repay part of its outstanding debt, including borrowings used for the acquisition of Shaw Communications Inc. The sale is expected to close on February 9, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 7:42 am