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BXMT

Carson Block, founder of Muddy Waters, stated in a CNBC interview that Blackstone Mortgage Trust (BXMT) is at risk of liquidity issues.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 6:08 pm

BXMT

Muddy Waters Research has taken a short position on Blackstone Mortgage Trust (BXMT), citing concerns over interest rate swaps and risk rating manipulations. They predict a significant dividend cut by H2 2024, potential borrower refinancing issues, and a liquidity crisis that could lead to losses wiping out BXMT's market cap.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 5:25 pm

NN

Bleeker Street Research has issued a report on NextNav Inc. (NN), a company that has been developing an alternative to GPS for sixteen years without significant commercial success. Despite raising $270 million as a private company and an additional $400 million from a BRiley SPAC, NextNav is struggling financially, with cash reserves dwindling and recent expensive debt taken on in August 2023. The company's Pinnacle Network, aimed at providing vertical location for Enhanced 911 services, faces competition from existing solutions by Google and Apple. NextNav's TerraPoint Network, which seeks to replace GPS, requires an estimated $1 billion investment, further challenging the company's financial stability.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 3:13 pm

SGRY

Surgery Partners, Inc. has successfully completed a refinancing transaction through its subsidiary, Surgery Center Holdings, Inc., securing commitments for a new $1.4 billion senior secured term loan. This refinancing could improve the company's debt profile and potentially lower interest expenses.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:18 pm

AFCG

REFI

Zuanic & Associates initiated coverage of Chicago Atlantic Real Estate Finance Inc. (REFI) with an Overweight rating, highlighting its unique position as a capital provider to the cannabis industry with high Yield-to-Maturity rates due to a capital supply-demand imbalance. REFI's core business is providing senior loans to state-licensed cannabis operators, and it is managed by Chicago Atlantic REIT Manager LLC. The cannabis sector's limited banking access and potential federal reform could expand REFI's opportunities. REFI has a competitive advantage with shorter loan durations, lower loan-to-value ratios, and a modest debt leverage. It is compared favorably to AFC Gamma Inc. (AFCG), with expectations of annual loan book growth of 10% and a robust dividend yield.

Portfolio Pulse from Nicolás Jose Rodriguez

December 06, 2023 | 1:57 pm

GBNH

Greenbrook TMS Inc. has raised $2.5 million through debt financing, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:13 pm

SPHR

Sphere Entertainment has announced the pricing of its $225 million offering of convertible senior notes. The company anticipates net proceeds of approximately $217.8 million from the offering.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:29 pm

EVH

Evolent Health has priced $350 million in 3.50% convertible senior notes due in 2029. The proceeds will be used to pay down its senior term loan. Interest on the notes will be paid semiannually, starting June 1, 2024, and the notes will mature on December 1, 2029, unless they are repurchased, redeemed, or converted earlier.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 7:42 am

SID

Companhia Siderúrgica Nacional (CSN), listed as SID on NYSE, announced the expiration of its subsidiary CSN Resources' tender offer for $300M of 7.625% Senior Unsecured Guaranteed Notes due 2026. The offer received tenders for $117M of the notes, and CSN Resources plans to accept and pay for all validly tendered notes by December 8, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 7:39 am

PSIX

Power Solutions International (PSIX) has amended its $50 million shareholder loan agreement with Weichai America to extend the loan maturity date to November 30, 2024. The loan is fully drawn and subordinated to the company's $130 million senior secured revolving credit facility with Standard Chartered Bank, of which $65 million has been borrowed as of December 5, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 6:59 am