Streetbeat News

Credit

FENC

Fennec Pharmaceuticals Inc. has announced a third closing of $5 million in senior secured promissory notes under an existing agreement with Petrichor. The original deal allowed for up to $20 million in additional financing until December 31, 2023. The agreement has been amended to provide access to up to $15 million more through December 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 10:58 am

EVRG

Evergy, Inc. (NASDAQ: EVRG) has priced an upsized private offering of convertible notes due 2027 at $1.2 billion, an increase from the previously announced $1.1 billion. The offering includes an option for initial purchasers to buy an additional $200 million of notes within 13 days of the closing date. The expected settlement date is on or about December 7, 2023, with anticipated net proceeds of approximately $1.180.9 million after discounts and expenses, assuming no additional notes are purchased.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 7:54 am

HASI

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) has upsized and priced a private offering of $550 million 8% green senior unsecured notes due 2027. The net proceeds are estimated to be approximately $543 million after initial purchasers' discounts, commissions, and estimated offering expenses. HASI plans to use the proceeds to invest in new and existing eligible green projects and for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 7:01 am

AVB

AvalonBay Communities, Inc. (NYSE: AVB) has priced a public offering of $400 million 5.300% senior unsecured notes due 2033. The offering is set to close on December 7, 2023, with an effective interest rate of 5.098% after accounting for interest rate hedges. Interest payments are semi-annual, starting June 7, 2024, and the notes will mature on December 7, 2033.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 6:55 am

OMEX

Odyssey Marine Exploration, Inc. has obtained strategic debt financing from top institutional investors. This move is aimed at bolstering the company's financial position and supporting its operational activities. The terms of the financing, including the amount, interest rate, and maturity, have not been disclosed. Investors may view this as a positive step towards the company's growth and sustainability, but the lack of details could also raise questions about the potential impact on the company's balance sheet and future financial flexibility.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 6:43 am

KEY

KeyCorp expects a decrease in Q4 loans by 1-3% from Q3, while forecasting net interest income and deposits to remain relatively stable.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:36 pm

MMSI

Merit Medical Systems, Inc. (MMSI) plans to offer $550 million in Convertible Senior Notes due 2029 to qualified institutional buyers, with an option for an additional $82.5 million. The notes are senior unsecured obligations with semiannual interest. Upon conversion, Merit may pay in cash, stock, or a mix. Proceeds will fund general corporate purposes, potential acquisitions, and capped call transactions to minimize dilution from conversions. The notes and any shares from conversions are not registered under the Securities Act and are subject to Rule 144A.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:23 pm

LC

PGY

UPST

Wedbush Securities analysts warn of persistent funding challenges in the loan market despite a rally in shares amid a decline in treasury yields. Upstart Holdings Inc (UPST), LendingClub Corp (LC), and Pagaya Technologies Ltd (PGY) were discussed at the Disruptive Finance Forum. Upstart retains an Underperform rating with a $10 price target due to business model and credit quality pressures. Pagaya has a Neutral rating with a $2 price target, performing better than peers. LendingClub maintains an Outperform rating with an $8 price target, favored for its credit quality and business model durability.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 6:17 pm

UDN

UUP

The dollar index (DXY) rose 0.3% to 103.57, while equity markets paused their rally. Investors question if dovish U.S. interest rate expectations are overstretched. The Invesco DB US Dollar Index Bullish Fund (UUP) increased by 0.5%, and the Invesco DB US Dollar Index Bearish Fund (UDN) decreased by 0.3%. Fed Chair Powell's cautious remarks suggest a slower pace of rate cuts, potentially disappointing markets betting on early rate reductions.

Portfolio Pulse from Neil Dennis

December 04, 2023 | 3:57 pm

CVNA

Carvana Co (NASDAQ:CVNA) shares are trading higher after JPMorgan analyst Rajat Gupta upgraded the stock from Underweight to Neutral and increased the price target from $25 to $40. Carvana has rallied over 750% since the start of the year, following a beneficial debt restructuring agreement that cut about $1.3 billion in debt and continued to exceed analyst expectations. The average price target among analysts is $22.57, with two positive, 13 neutral, and five negative ratings.

Portfolio Pulse from Adam Eckert

December 04, 2023 | 3:32 pm