Streetbeat News

Credit

BAC

BWMN

Bowman has increased its borrowing capacity under its revolving credit facility from $50M to $70M. This move is part of Bowman's strategic growth initiative, and the company appreciates its long-standing partnership with Bank of America.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 1:06 pm

HNRG

Hallador Energy has secured a $140M credit facility, which has increased its liquidity to $56.9M.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:36 pm

USB

U.S. Bancorp (USB) plans to issue 24 million shares of its common stock to an affiliate of Mitsubishi UFJ Financial Group (MUFG) for $936 million. The proceeds will be used to satisfy a portion of its repayment obligation to MUFG. The debt/equity conversion is expected to close on August 3, 2023, and will increase U.S. Bancorp's CET1 ratio by approximately 20 basis points.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:35 pm

KRP

Kimbell Royalty Partners, LP (NYSE:KRP) has announced the pricing of its public offering of 7.25 million common units at $14.00 per unit, with total gross proceeds expected to be around $101.5 million. The proceeds will be used to repay outstanding borrowings under its revolving credit facility and potentially fund a portion of the purchase price of an acquisition of oil and natural gas mineral and royalty interests.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 12:34 pm

APO

KRP

Kimbell Royalty Partners, LP (NYSE:KRP) has announced a $455 million acquisition of mineral and royalty interests from a private seller. The acquisition is expected to be immediately accretive to distributable cash flow per unit, with estimated acceleration of accretion in 2024 and 2025. The assets are located in the Permian and Mid-Con basins. The acquisition will be funded through a private placement of 6.00% Series A Cumulative Convertible Preferred Units to fund managed by affiliates of Apollo (NYSE:APO) and borrowings under the company's $400 million revolving credit facility.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 12:29 pm

KRP

Kimbell Royalty Partners, LP (NYSE:KRP) has announced a public offering of 6 million common units, with an option for underwriters to purchase up to 900,000 additional units. The proceeds will be used to repay outstanding borrowings under its revolving credit facility. The announcement comes in connection with Kimbell's pending acquisition of oil and natural gas mineral and royalty interests. Citigroup and BofA Securities are acting as lead book-running managers for the offering.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 12:29 pm

SPGI

Fitch Ratings has downgraded the U.S. credit rating from AAA to AA+ due to fiscal concerns, perceived governance decline, and increased political polarization. The decision was criticized by U.S. Treasury Secretary Janet Yellen and White House economic advisor Jared Bernstein as arbitrary and based on outdated data. To regain its previous rating, the U.S. would need to stabilize its debt-to-GDP ratio and possibly permanently suspend the debt ceiling, according to Fitch.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 12:15 pm

JPM

SPY

Jamie Dimon, CEO of JPMorgan Chase, stated on CNBC that the US has spent $5 trillion over the two years of the COVID-19 pandemic. He also criticized the Federal Reserve for taking too long to react and then overcompensating by raising interest rates to 5%. However, he noted that businesses are in good shape.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:06 pm

JPM

SPY

Jamie Dimon, CEO of JPMorgan Chase, expressed his opinion on CNBC that the US should eliminate the debt ceiling. He also advocated for applauding free enterprise in America.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:04 pm

JPM

JPMorgan Chase & Co's CEO, Jamie Dimon, has stated that despite the looming economic storm clouds, there is no need to worry as the economy is in good shape. He highlighted the resilience of America, the strength of the consumer, and the good condition of businesses. However, he expressed concern over fiscal spending, quantitative tightening, and the crisis in Ukraine. JPMorgan shares are up more than 15% since the start of the year, but were down 1.21% at $155.26 at the time of writing.

Portfolio Pulse from Adam Eckert

August 04, 2023 | 12:02 pm