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HLX

Helix Energy Solutions has priced its $300 million senior notes with an annual interest rate of 9.750%, payable semi-annually. The notes will mature on March 1, 2029.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 6:16 am

ABR

Viceroy Research has taken a short position on Arbor Realty Trust (NYSE:ABR), criticizing the company's loan book and collateral valuation. Viceroy claims Arbor's CLOs are distressed, with a DSCR of 0.63x and an LTV of ~77%. They argue that the appraised values of properties are unrealistic, with cap rates at ~4.7% versus a risk-free rate of ~4.6%. A revaluation at a 7% cap rate could eliminate Arbor's LTV buffer and equity. Viceroy also notes Arbor's borrowers may not have interest rate caps as claimed, and properties are undermaintained. Arbor's new loan generation is slowing, reflecting a non-viable multifamily residential investment business.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:46 pm

AX

BNGO

INBX

LADX

RILY

The Bear Cave Newsletter has issued a report on Axos Financial (NYSE:AX), raising concerns about the company's culture, loan portfolio, and crypto ventures. Axos, previously known as Bank of Internet, has been criticized by short-sellers for various risks. The report details Axos's history of 'exception-based lending', its ties to high-interest small business lenders, and its relationship with B. Riley (NASDAQ:RILY), whose CEO recently sold stock to meet a margin call. Axos's auditing history is also questioned, with its current and past auditors having limited experience with public companies. The report suggests that Axos's business model may carry risks similar to those that led to the failure of NetBank in 2007.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:34 pm

AAL

American Airlines Group Inc. (AAL) subsidiary, American Airlines, Inc., plans to issue $750 million in senior secured notes due 2029 and borrow an equal amount under a new term loan. The proceeds, along with cash on hand, will be used to redeem $1.5 billion of its 11.75% Senior Secured Notes due 2025. The new notes and term loan will be secured by certain assets and guaranteed by the parent company. The offerings are subject to market conditions and are not interdependent.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:32 pm

AYRWF

AYR Wellness Inc. (OTCQX:AYRWF) reported Q3 financial results with a 50% YoY increase in adjusted EBITDA and a slight revenue increase from the previous year. The company saw a net loss but improved operating loss and has entered agreements to extend debt maturities and secure new financing. However, AYR no longer expects H2 2023 growth over H1 and anticipates flat Q4 revenue with a 25% adjusted EBITDA margin. AYRWF shares rose 7.5% post-announcement.

Portfolio Pulse from Jelena Martinovic

November 16, 2023 | 2:14 pm

NLSP

NLS Pharmaceutics has executed a non-binding term sheet for licensing its intellectual property and secured an additional bridge loan from insiders to extend its cash runway. The company has also implemented significant internal cost reductions. The terms of the strategic partnership and bridge loan are not yet finalized, with the intent to close the transaction in Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:10 pm

SHFS

SHF Holdings has successfully arranged a $3 million loan for a multi-tenant cannabis industrial building in California, indicating its involvement in the cannabis industry's real estate financing.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 12:43 pm

PINE

Alpine Income Property Trust (PINE) has agreed to provide a $24 million first mortgage secured by 41 retail properties across the U.S.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 12:37 pm

ST

Sensata Technologies Holding plc (NYSE:ST) has announced that its subsidiary, Sensata Technologies B.V., plans to fully redeem all of its outstanding $400 million 5.625% Senior Notes due in 2024. The redemption will comply with the indenture terms and the notice of redemption provided to the registered holders of the Notes.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 12:24 pm

KORE

KORE Group has successfully completed the refinancing of its approximately $300 million term loan. This move could improve the company's financial flexibility and potentially reduce interest expenses.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 11:58 am