Streetbeat News

Credit Ratings

BA

Fitch Ratings has lowered its delivery forecasts for Boeing aircraft, predicting 350-370 deliveries of the 737 MAX and 65-70 deliveries of the 787 in 2024. Fitch also expects Boeing to have modestly negative free cash flow in 2024, compared to previous expectations of breakeven to positive cash flow.

Portfolio Pulse from Benzinga Newsdesk

May 31, 2024 | 6:09 pm

BFI

BurgerFi has entered into a forbearance agreement and a 17th amendment to its existing credit facilities with TREW Capital Management Private Credit 2. The secured parties have agreed to forbear from exercising their rights under the credit documents until at least July 31, 2024. Additionally, L Catterton and TREW have each agreed to lend up to $2 million to assist during this strategic review process.

Portfolio Pulse from Benzinga Newsdesk

May 30, 2024 | 9:13 pm

BABA

JD

MCHI

PDD

Alibaba Group Holding Ltd (NYSE:BABA) plans to raise $4.5 billion through convertible bonds to fund share buybacks amid fierce competition and a slow Chinese economic recovery. The notes, maturing in seven years with a 0.5% coupon, can be converted to shares at a 30% premium over the current price. Fitch Ratings has assigned an A+ rating to the notes. Alibaba's move comes as it faces competition from JD.com Inc (NASDAQ:JD) and Pinduoduo Inc (NASDAQ:PDD). The iShares MSCI China ETF (NASDAQ:MCHI) has also seen significant gains recently.

Portfolio Pulse from Benzinga Neuro

May 24, 2024 | 6:36 am

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