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Credit Ratings

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

BAYRY

GOOG

IBM

INTC

MSFT

NVDA

AI is significantly impacting the pharmaceutical industry, from drug discovery to marketing, with Alphabet Inc's Google DeepMind developing AlphaFold 3, an AI model that predicts the structure of biological molecules. McKinsey reports AI could generate $60 billion-$110 billion annually for the industry, speeding up drug discovery and development. Collaborations like Bayer AG and Google Cloud are developing AI solutions for healthcare. Key players include Nvidia, Intel, IBM, Google, GE, Microsoft, Medtronic, Micron Technology, Amazon Web Services, and Siemens Healthineers.

Portfolio Pulse from Vandana Singh

May 10, 2024 | 6:49 pm

TSLA

S&P lowered Tesla's governance score due to concerns over Elon Musk's dominant role and key-person risk, despite affirming its 'BBB' credit rating. The downgrade was influenced by Musk's significant influence, the company's lawsuit exposures, and board ineffectiveness. S&P suggests increasing board independence to mitigate risks. Despite these governance concerns, Tesla's strong market position and liquidity were highlighted, with expectations of sustained EBITDA margin strength. Tesla's price cuts to maintain market share, efficiency improvements, and strategic initiatives like supercharger network access and software licensing are expected to support its competitive advantage.

Portfolio Pulse from Anan Ashraf

May 02, 2024 | 1:00 pm

TSLA

S&P has affirmed Tesla's 'BBB' ratings, indicating stability despite pressures on margins and cash flows. The outlook for Tesla remains stable, with expectations that it will maintain an adequate ratings cushion compared to its investment-grade peers through 2024 and 2025. Tesla is also expected to keep its debt levels low.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 2:40 pm