Streetbeat News

Credit

CACC

Credit Acceptance has upsized its senior notes offering from the previously announced $500 million to $600 million, with a 9.250% interest rate, due in 2028. The sale is expected to close around December 19, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 6:47 am

AGG

BND

BNDX

EMB

HYG

IGIB

JNK

TLT

USHY

VGLT

Investors have recently funneled billions into aggressive bond ETFs, anticipating multiple Federal Reserve rate cuts in 2024. This trend reflects a strong belief in a disinflationary trend and a potential shift in the Fed's monetary policy. The inflows have been particularly notable in ETFs that include long-term Treasury bonds, emerging-market bonds, and high-yield corporate bonds. The top 10 bond ETFs by fund inflows in the past month are led by iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and include others like iShares Core U.S. Aggregate Bond ETF (AGG) and SPDR Bloomberg High Yield Bond ETF (JNK).

Portfolio Pulse from Piero Cingari

December 05, 2023 | 11:18 pm

GBNH

Greenbrook TMS shares are trading higher following the announcement that the company secured $2.5 million in debt financing.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:36 pm

GBNH

Greenbrook TMS Inc. has secured an additional $2.5 million in senior secured term loans from Madryn Asset Management under its credit facility, bringing the total outstanding amount to approximately $72 million. The amendment allows Madryn to convert up to $227,273 of the new loan into common shares at $1.90 per share. The funds are intended for general corporate and working capital purposes, and the company is exploring more financing options for future liquidity. The transactions are considered related party transactions but are exempt from certain requirements due to their size relative to the company's market capitalization.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:34 pm

SPY

Citigroup CEO Jane Fraser, in prepared testimony, anticipates a recession due to macroeconomic factors, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 7:00 pm

FLOT

The U.S. repo market is experiencing stress with surging short-term interest rates, reminiscent of the 2019 funding crisis. Repo rates have spiked, with overnight general collateral repo yields exceeding 5.5%. The iShares $ Floating Rate Bond UCITS ETF (FLOT) saw a slight increase in early trade on Tuesday. Analysts are drawing parallels to the 2019 crisis, but banks are considered better prepared now, having passed Fed stress tests with substantial reserves.

Portfolio Pulse from Neil Dennis

December 05, 2023 | 5:47 pm

CRMT

America's Car-Mart, Inc. (NASDAQ:CRMT) stock plummeted after reporting Q2 FY24 results with sales of $361.6 million, missing estimates by a narrow margin. Despite a 2.8% YOY sales growth, driven by higher interest income and retail prices, the company saw a 4.6% decline in retail unit sales and a significant EPS loss of $(4.30), far below the expected $0.79. The allowance for credit loss increased, leading to a $28 million charge and a substantial impact on earnings. The CEO attributed the credit losses to inflationary pressures but expects them to be short-term.

Portfolio Pulse from Nabaparna Bhattacharya

December 05, 2023 | 4:12 pm

CRGY

Crescent Energy Company (NYSE:CRGY) announced its subsidiary Crescent Energy Finance LLC's intention to offer $150 million of 9.250% Senior Notes due 2028 in a private placement. These additional notes will be under the same terms as the existing $850 million notes issued previously. The proceeds will be used to repay part of the outstanding amounts under its revolving credit facility.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 12:22 pm

SPHR

Sphere Entertainment Co. (NYSE: SPHR) announced a private offering of $225 million in convertible senior notes due 2028, targeting qualified institutional buyers under Rule 144A of the Securities Act. The company also plans to give initial purchasers an option to buy an additional $33.75 million of the notes shortly after issuance.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 12:20 pm

EVH

Evolent Health plans to offer $350M in Convertible Senior Notes due 2029. The proceeds will be used to pay down its existing senior term loan. This financial maneuver is aimed at restructuring the company's debt and potentially lowering the interest costs.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 12:01 pm