Streetbeat News

Credit Ratings

SPY

DoubleLine's Jeffrey Gundlach expressed concerns that the U.S. Treasury might be forced to restructure its debt in the future. He also highlighted that the Triple C bank loan market looks disastrous and that private credit appears too risky.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 5:39 pm

SPY

DoubleLine CEO Jeffrey Gundlach advises investors to avoid Triple C bonds, citing numerous recessionary signals in the economy. This cautionary stance reflects concerns about economic stability and potential market downturns.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 5:18 pm

JPM

SPY

JPMorgan CEO Jamie Dimon warns of a potential 'hard landing' for the U.S. economy, with stagflation being the worst outcome. He suggests that interest rates could still rise slightly and highlights concerns about inflation and consumer confidence.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 5:15 am

CRGY

Crescent Energy (NYSE:CRGY) has received favorable responses from S&P, Fitch, and Moody's on its agreement to acquire SilverBow Resources. The acquisition, valued at $2.1 billion, is expected to close by the end of Q3 2024, pending customary approvals.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 8:55 pm

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