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AEE

Ameren Corporation (NYSE:AEE) has priced a public offering of $600 million in 5.70% senior notes due 2026 at 99.871% of their principal amount. The offering is expected to close on November 20, 2023, pending customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 7:31 am

CAR

Avis Budget Group, Inc. has priced $500 million of 8.00% senior notes due 2031, with an expected closing date of November 22, 2023. The notes will be issued at 99.341% and are guaranteed on a senior unsecured basis by the company and certain U.S. subsidiaries.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 7:30 am

CARR

Carrier Global has announced the pricing of $3 billion in USD notes and €2.35 billion in Euro notes, with varying interest rates and maturities ranging from 2025 to 2054 for USD notes and 2025 to 2032 for Euro notes. The offerings are set to close on November 29, 2023, for the Euro Notes and November 30, 2023, for the USD Notes, subject to customary closing conditions and are not interdependent.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 7:27 am

GCI

Gannett Co., Inc. has announced that it will repurchase $14 million of its 6% first lien notes due on November 1, 2026, for approximately $12 million. This transaction indicates that the company is buying back its debt at a discount, which could be a sign of financial prudence and an attempt to reduce its debt burden.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:29 pm

PLUG

Plug Power, Inc. (NASDAQ:PLUG) is experiencing a rebound with shares trading higher, following a 40% drop after a disappointing Q3 earnings report and a 'going concern' warning. The stock rose 15% on Tuesday despite UBS analyst Manav Gupta lowering the price target from $15.5 to $5. The company is also facing significant short interest, with 24.08% of PLUG shares sold short. Trading volume has surged, with nearly 40 million shares traded compared to an average of over 25 million.

Portfolio Pulse from Erica Kollmann

November 15, 2023 | 6:18 pm

PCT

Bleecker Street Research has issued a second report on PureCycle Technologies (PCT), highlighting operational issues and the risk of imminent default due to the company's inability to meet production milestones. PureCycle's Ironton facility has faced production shortfalls, leading to a planned shutdown for repairs. The company's debt-heavy capital structure and stringent municipal bond covenants pose a significant risk, as failure to meet production targets could trigger default. The report suggests that PureCycle's equity could become worthless if it defaults, as its assets are collateralized against its bonds. Bleecker Street Research remains short on PCT shares.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:50 pm

CNSP

CNS Pharmaceuticals announced that its existing cash reserves and funds raised in October are expected to be sufficient to support operations until the end of Q4 2023.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 1:21 pm

NBR

Nabors Industries Ltd. (NYSE:NBR) has initiated an offering of $550 million senior priority guaranteed notes due 2030 through its subsidiary, Nabors Industries, Inc. These notes will be guaranteed by Nabors and certain subsidiaries, ranking equally with existing senior notes. The proceeds will be used to repay outstanding 5.75% Senior Notes due 2025, with any remainder for general corporate purposes. $474.1 million of the Senior Notes due 2025 is currently outstanding.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 12:20 pm

BURU

NUBURU, Inc. (NYSE:BURU) has secured a $5.5 million bridge loan backed by its patent portfolio, preliminarily valued at $100 million. The zero-interest loan, with a 10% original issue discount, will mature upon securing long-term credit or within 12 months. The loan is part of NUBURU's strategy to support the commercialization of its blue laser technology. Warrants exercisable for common stock will be issued to the lenders, and the company plans to register the common stock underlying the warrants by February 1, 2024. Northland Capital Markets served as the placement agent for the institutional investor portion of the financing.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 10:27 pm

BAC

WFC

Bank of America Corp (BAC) and Wells Fargo & Co (WFC) shares are trading higher as October CPI data indicated softer-than-expected inflation, leading to overall market strength. The lower inflation rate of 3.2% suggests a potential for interest rate cuts, which is favorable for banks as it can reduce borrowing costs and encourage lending, thereby boosting profitability. BAC and WFC benefit from this environment, as reflected in their share price increase.

Portfolio Pulse from Henry Khederian

November 14, 2023 | 8:45 pm