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Credit Ratings

PTON

Peloton Interactive has priced a $300 million offering of 5.50% convertible senior notes due 2029, upsizing from the initial $275 million. The proceeds will be used to repurchase $800 million of its 0.00% convertible senior notes due 2026, refinance existing credit facilities, and cover related fees and expenses.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 6:48 am

AMC

AMC Entertainment Holdings Inc. (NYSE:AMC) has seen extreme stock volatility due to renewed interest from meme stock traders, with shares spiking and then plummeting. Meanwhile, AMC's bonds have held their gains, offering high yields but also high risks, as highlighted by S&P Global's downgrade of AMC's credit rating to 'SD' (selective default).

Portfolio Pulse from Piero Cingari

May 21, 2024 | 7:33 pm

OI

Owens-Brockway Glass Container (OBGC) has priced a private offering of $300 million in 7.375% senior notes due 2032. The net proceeds are expected to be approximately $297 million. The notes will be guaranteed by Owens-Illinois Group, Inc. (OI Group) and certain U.S. domestic subsidiaries. The offering is expected to close on May 30, 2024, subject to customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 6:59 am

COTY

Coty Inc. has announced a €500 million senior secured notes offering. The proceeds will be used to redeem existing notes and repay the company's revolving credit facility.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 6:38 am

GTN

Gray Television, Inc. (NYSE: GTN) announced plans to offer up to $1 billion in senior secured first lien notes due 2029, subject to market conditions. The offering is part of a broader Credit Agreement Refinancing, which includes a new $750 million term loan, an increase in its revolving credit facility by $55 million, and the termination of a $72.5 million tranche maturing in 2026. The completion of these financial moves is interdependent and subject to market conditions.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 4:41 pm

ALTG

Alta Equipment Group Inc. (NYSE: ALTG) announced a proposed private offering of $500 million in senior secured second lien notes due 2029. The company plans to use the proceeds to refinance existing debt and for general corporate purposes. The offering is expected to be leverage neutral.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 11:36 am

KBE

KRE

SPY

XLF

The Federal Reserve has denied a request from a bank industry trade group to revise its confidential bank rating system. This decision could impact the banking sector and related ETFs.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 6:34 pm

PRAA

PRA Group, Inc. (NASDAQ:PRAA) announced the pricing of $400 million of 8.875% Senior Notes due 2030. The proceeds will be used to repay $396 million of outstanding borrowings under its North American revolving credit facility and to redeem $298 million of 7.375% Senior Notes due 2025.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 11:45 am

GTN

Gray Television (NYSE: GTN) has announced a $1.6 billion refinancing process to extend its near-term debt maturities. The company plans to refinance its existing $1.15 billion term loan and $450 million senior notes with new senior secured term loans and additional senior secured debt. Additionally, Gray has increased its revolving credit facility from $552.5 million to $680 million.

Portfolio Pulse from Benzinga Newsdesk

May 15, 2024 | 8:53 pm

SPY

The NY Fed reported a 1.1% increase in total household debt to $17.69T in Q1, with mortgage balances rising $190B to $12.44T. Credit card balances fell $14B to $1.12T, yet are 13.1% higher than the previous year. Auto loans increased by $9B to $1.62T. The pace of mortgage origination remained steady, while the total borrowing delinquency rate slightly increased to 3.2% from 3.1% in Q4 2023, still below pre-pandemic levels. Delinquency rates rose across all credit types.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 3:03 pm