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FWRD

Forward Air Corporation (NASDAQ:FWRD) has announced a private offering of $925 million of senior secured notes due 2031. The proceeds will be used to pay for its merger with Omni, repay existing debts, and cover transaction costs.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:26 am

CZOO

Cazoo Group Ltd (NYSE:CZOO) has entered into a transaction support agreement with noteholders and shareholders, representing more than 75% of its $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 and more than 25% of outstanding shares. The transactions will significantly deleverage the company's capital structure and are expected to improve its financial flexibility. The transactions are expected to close in Q4 2023.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 10:49 am

INN

Summit Hotel Properties has announced the completion of the refinancing of its $200 million senior credit facility. The facility is a joint venture with GIC and is comprised of a $125 million revolving credit facility and a $75 million term loan.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 10:31 am

TIP

Economist Peter Schiff has warned that rising bond yields and energy prices could indicate worsening inflation. He suggested that if 10-year Treasury yields reach 7% and oil prices hit $150, it could be a sign of inflation. The yield on the 10-year Treasury note recently hit 4.372%, the highest since November 2017, due to investor expectations that the Fed might not reverse its rate hikes soon. Crude oil prices have also risen due to supply-side concerns. The iShares TIPS Bond ETF (TIP) ended Tuesday's session down 0.28% at $105.03.

Portfolio Pulse from Shanthi Rexaline

September 20, 2023 | 8:17 am

CTSH

Cognizant (CTSH) has been selected by Intrum, a global credit management services company, to provide digital integration and core modernization services for Intrum's credit management technology platform. This will enhance Intrum's contact center employees' access to actionable and data-driven insights.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 7:33 am

NIO

NIO has announced the pricing of $1B in convertible senior notes, split equally between notes due in 2029 and 2030.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:10 am

MERC

Mercer International has priced a $200 million private offering of 12.875% senior notes due 2028.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 5:41 am

SEZL

Sezzle's total income for August 2023 increased by 44.3% YoY to $14M, and by 11.7% MoM. The income as a percentage of Underlying Merchant Sales (UMS) also increased by 188 bps YoY to 8.7%. Sezzle recorded a GAAP Net Income and Adjusted EBITDA of $0.6M and $2.4M respectively. As of August 31, 2023, Sezzle had $60.7M in cash, with $71.7M drawn from its $100M credit facility. Active subscribers for Sezzle Premium and Anywhere exceeded 210,000 as of September 19, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 5:39 am

FXI

The People's Bank of China has kept its loan prime rate unchanged at 3.45%.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 4:22 am

SPY

U.S. five-year Treasury yields have risen to 4.513%, the highest level since 2007, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 6:49 pm