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UTEN

The Congressional Budget Office (CBO) has warned that federal interest costs are now higher than defense spending, with deficits expected to remain above 5.5% of GDP until 2034. The federal deficit is projected to rise to $1.9 trillion in 2024, up from $1.5 trillion estimated in February. By 2034, debt held by the public is expected to total $50.7 trillion, equating to 122% of GDP. Rising interest costs are the main driver behind these deficits, with net interest outlays projected to reach $1.7 trillion by 2034. The CBO's projections indicate persistent high deficits and escalating interest costs, posing significant financial strain for the U.S. government.

Portfolio Pulse from Piero Cingari

June 19, 2024 | 4:44 pm

BGS

B&G Foods plans to amend and extend the maturity date of its existing Tranche B term facility under its senior secured credit facility. The company will use the proceeds to refinance existing loans and repay a portion of its revolving loans. Additionally, B&G Foods intends to decrease the size of its revolver capacity and extend the maturity date of its revolving credit facility.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 9:51 pm

MMM

Moody's has affirmed all ratings of 3M Company and changed its outlook from negative to stable.

Portfolio Pulse from Benzinga Newsdesk

June 18, 2024 | 7:12 pm

WFRD

Weatherford International has increased its credit facility by $40 million to a total of $720 million, adding a new lender. The facility now includes $327 million for performance letters of credit and $393 million for revolving loans. Additionally, the accordion feature has been amended to allow expansion up to $1 billion.

Portfolio Pulse from Benzinga Newsdesk

June 11, 2024 | 8:33 pm

VIRT

Virtu Financial, Inc. (NASDAQ:VIRT) announced a proposed private offering of $500 million in senior first lien notes due 2031 to repay existing debt. The offering is subject to market conditions and will be used to repay the company's existing term loan facility. Concurrently, Virtu plans to amend its credit agreement to provide for a new $1,245 million term loan facility and increase its revolving credit facility to $300 million.

Portfolio Pulse from Benzinga Newsdesk

June 10, 2024 | 11:46 am

GFL

GFL Environmental has priced a $500 million 6.625% Senior Notes due 2032 private offering. The proceeds will be used to redeem all of GFL's outstanding $500 million 4.250% Senior Secured Notes due 2025, including related fees and interest.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 7:17 am

QSR

Restaurant Brands International (RBI) has priced $1.2 billion in senior secured notes at 6.125% due 2029 to refinance part of its existing Term Loan B facility. Additionally, RBI will reprice its existing Term Loan B facility due September 2030 from SOFR plus 2.25% to SOFR plus 1.75%. These transactions are expected to be net leverage neutral and result in annualized net interest savings.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 6:59 am

AMC

S&P has upgraded AMC Entertainment Holdings' credit rating from 'SD' to 'CCC+'.

Portfolio Pulse from Benzinga Newsdesk

June 05, 2024 | 4:50 pm

AX

Axos Financial has filed a response to a short report by Hindenburg, claiming the report contains inaccuracies and misleading information. Axos reaffirms its strong credit performance and highlights its $5.22 billion CRE specialty lending with senior secured loan structures and fund partners including Carlyle, Related Group, and Fortress.

Portfolio Pulse from Benzinga Newsdesk

June 04, 2024 | 7:11 pm

BACA

Berenson Acquisition has revealed substantial doubt about its ability to continue as a going concern, as noted in its annual report for the fiscal year ended December 31, 2023. The audit opinion from its independent registered public accounting firm included an explanatory paragraph highlighting this concern.

Portfolio Pulse from Benzinga Newsdesk

June 03, 2024 | 9:06 pm