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Prospect News Bond Market Weekly for April 20, 2024
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• Weekly Review: Banks exit earnings season into new deals; junkland has spring awakening
More news from this issue
• Goldman Sachs: Q1’s heavy debt sales, refinancings to persist in 2024
• Wells Fargo loan balances were low in Q1; net interest income falls
Prospect News Bond Market Weekly for April 13, 2024
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• Weekly Review: Despite macro data blow, debt issuance holds up in April 8 week
More news from this issue
• Conagra delivers strong free cash flow; net debt ratio falls to 3.44x
• Delta lowers debt ratio to 2.9x in Q1 by repaying $700 million debt
• Smart Global sheds $112 million term loan debt; $425 million remains
• Stolt-Nielsen repays $116.8 million debt; debt ratio was 2.54x in Q1
• Tilray reduces convertible debt by $205 million over three quarters
Prospect News Bond Market Weekly for April 6, 2024
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• Weekly Review: Belgium taps dollar market; junk bond investor interest reflects discretion
More news from this issue
• BlackBerry sees strong interest for $200 million 3% converts due 2029
• H.B. Fuller says strong EBITDA growth cut leverage ratio down to 2.8x
• Lamb Weston leverage rises to 2.6x; execs draw on revolver for capex
• Omeros uses $99.9 million to repay 2023 convertibles, buy some 2026 notes
• PVH top financial executive touts low leverage, good working capital
• Walgreens chips away at capex to boost free cash flow in fiscal 2024
Prospect News Bond Market Weekly for March 30, 2024
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More news from this issue
Prospect News Bond Market Weekly for March 23, 2024
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• Weekly Review: Unsurprising FOMC meeting scrambles new issuance throughout week
More news from this issue
• AAR anticipates cash generation, EBITDA growth to help pay off debt
• Altice France will use cash raised from sale to repay bonds due 2025
• HealthEquity to draw on line of credit to acquire portfolio, CFO says
• Micron pushes weighted average maturity to 2031 with Q2 refinancing
• Science Applications reaches target 3x debt ratio despite stock buys
• Summit could use up to $95 million of free cash flow to pay down debt
Prospect News Bond Market Weekly for March 16, 2024
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• Weekly Review: Oversubscription rates running five-times deal size on marquis deals
More news from this issue
• Babcock & Wilcox considers fundraising while facing liquidity worries
• Burford Capital has only 22% of its debt maturing in next four years
• Core Scientific eyes further de-leveraging, debt-free future
• Delta to keep deleveraging until it reaches investment-grade metrics
• Fortrea aims to lower debt ratio under 3x from 5.7x over medium term
• International Game Technology plans huge debt paydown after spinoff
• Kodiak Gas Services has lowest debt ratio in its history, aims lower
• Vallourec sale to ArcelorMittal not enough to trigger change of control
• Weibo sells $330 million converts in Q4 to refi maturing 3.5% notes
Prospect News Bond Market Weekly for March 9, 2024
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• Weekly Review: Convertible bond issuers act on refinancing window; sovereigns appear in EM
More news from this issue
• Algonquin Power funds debt repayment via sales of subsidiaries’ notes
• Amer Sports has 3x debt ratio after IPO, refi and is now targeting 2x
• Darling in no rush to refi debt in inverted interest rate environment
• EchoStar: Going-concern worries would be relieved with enough funding
• Full House Resorts expects gross debt to EBITDA ratio of 3x in a year
• Masco keeps debt-to-EBITDA ratio within targeted range of below 2.5x
• Paysafe lowers debt ratio to 5x from 5.8x a year prior, aims for 3.5x
• Savers Value Village cuts borrowing rate spread by 175 bps during Q1
• United Natural has 4.3x debt ratio, strong liquidity at quarter-end
Prospect News Bond Market Weekly for March 2, 2024
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• Weekly Review: Monster deal volume is still in evidence in high-grade bond space
More news from this issue
• AMC sells stock to cut debt, deferred rent by $958 million since 2022
• Icahn keeps liquidity high to capitalize on attractive opportunities
• Norwegian to repay highest-cost debt, $250 million 9¾% notes due 2028
• SBA has 6.3x debt ratio, below targeted range after refi of bank debt
• Service Properties purges 2024 debt; no maturities until March 2025
• Talos revamps debt, pushing maturities to 2029, 2031 before purchase
• United Parks: Debt repayment not a priority; leverage is comfortable
Prospect News Bond Market Weekly for Feb. 24, 2024
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• Weekly Review: Four-day market week triples YTD issuance in convertible bond space
More news from this issue
• Borr Drilling refi provides company with stability to de-lever more
• Caesars refi leaves debt ratio at 3.9x; more debt cuts slated in 2024
• Carvana sets adjusted EBITDA record in 2023, aims even higher in 2024
• CVR Energy refinances all 5¼% notes due 2025 via funds from 8½% notes
• Diamondback wants $6 billion to $8 billion net debt, good cash levels
• Jeld-Wen cuts debt ratio over a full turn in 2023 using sale proceeds
• Owens & Minor cuts net debt by $577 million; 3.5x debt ratio falling
Prospect News Bond Market Weekly for Feb. 17, 2024
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• Weekly Review: Pharma acquisition pipeline yields megadeal; junk bond market posts big week
More news from this issue
• Altice USA refi rids balance sheet of all debt maturities until 2027
• Avis Budget touts low leverage, well-laddered debt maturity profile
• Cedar Fair leverage ratio just above target of 4x; merger has support
• GEO Group continues cutting debt, may refinance 2027 first-lien loans
• GoDaddy gets net debt ratio below 3x, holds $1.5 billion of liquidity
• Newell Brands cuts debt by $500 million in 2023; debt ratio is 5.6x
• Restaurant Brands keeps Q4 debt ratio at 4.8x, yet wants lower ratio
• Taylor Morrison touts flexibility; no senior maturities until 2027
• Warrior Met Coal retires 50% of senior secured debt in fourth quarter