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BB

BlackBerry Limited (NYSE:BB) plans to offer $160 million in Convertible Senior Notes due 2029 in a private offering to qualified institutional buyers. The company will also provide an option to purchase an additional $25 million of the notes. Proceeds will repay existing debentures and for general corporate purposes. The notes are unsecured and rank senior to current obligations. The offering's terms will be set at pricing, and the closing is subject to customary conditions and Toronto Stock Exchange approval.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 9:20 pm

PRPL

Purple Innovation, Inc. (NASDAQ:PRPL) has completed a refinancing that consolidates its debt facilities into a new $61 million term loan, providing $21 million of incremental capital and an option for an additional $19 million loan. The refinancing strengthens Purple's balance sheet and provides financial flexibility to support its growth strategy. The company reaffirmed its 2023 guidance, expects Q4 Net Revenue and Adjusted EBITDA within guidance, and is focused on revenue growth and EBITDA improvement in 2024. Purple issued warrants for 20 million shares at $1.50 each to the lenders and will file the full terms on a Form 8-K with the SEC.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 9:10 pm

PLUG

Plug Power Inc. experienced a significant surge in stock price, the largest since January 2021, after announcing it is nearing the finalization of a $1.6 billion loan from the US Department of Energy. The company is also implementing cost-cutting measures and has recently made its Georgia electolyzer production plant operational, with another plant in Tennessee set to open shortly.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 8:32 pm

VICI

VICI Properties has agreed to provide up to $150M in financing to affiliates of Homefield Kansas City for the development of a Margaritaville Resort in Kansas City, Kansas. The loan has a 3-year term with options to extend for three additional 12-month periods, contingent on specific conditions.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 1:18 pm

SPY

Scott Shellady, known as The Cow Guy, warned of a potential market 'reckoning' in 2024 on Benzinga’s PreMarket Prep. He believes the consumer is the weak link in the economy, and the labor market is not as strong as jobs data suggest. Despite recent equity market highs, with the S&P 500 and SPDR S&P 500 ETF Trust (SPY) reaching record levels, Shellady is skeptical about the sustainability of growth. He points out that consumers are increasingly indebted and predicts that the expected rate cuts by the Federal Reserve will not materialize as hoped, with possibly just one cut instead of several.

Portfolio Pulse from Neil Dennis

January 22, 2024 | 9:08 pm

ZION

Zions Bancorporation reported that its quarterly net interest income was affected by a decrease in interest-earning assets and an increase in interest-bearing liabilities. However, the company is optimistic about growth prospects in the coming year.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 8:53 pm

GDRX

GoodRx is planning to refinance its first lien term loan facility and amend its revolving credit facility to extend the maturity date. The terms will be disclosed after the transaction is completed, expected in Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 7:17 pm

ARVL

Arrival's stock price is trading lower due to a report by Sky News indicating that the company is considering appointing EY as an administrator in the event it fails to obtain necessary rescue funding.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:36 pm

FSR

Fisker Inc. has filed a Form 8-K with the SEC, reporting new agreements with an investor regarding its 2025 convertible notes. The agreements include the release of liens on intellectual property upon a deal with a strategic OEM partner and the waiver of financial covenants related to restricted cash. Fisker's outstanding debt has been reduced by $185.5M to $324.5M, reflecting the conversion of debt to equity by the investor.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:03 pm