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The transaction will reduce the companys total debt to 280m and extend the maturity of its senior secured notes from July 2026 to September 2029. The recapitalisation arrives 18 months after Wheel Topco considered an acquisition of Wagamama owner Restaurant Group but ultimately opted not to pursue a bid due to market conditions.
But a debt restructuring deal has offered some relief and could even put Carvana on a path to positive free cash flow. Nonetheless, the deal, which eliminates most of its near-term debt obligations, appears to be financed mainly on the backs of shareholders. Under the deal, bondholders are trading debt due in 2025 or 2027.
The decision comes as leveraged loan markets experience renewed pressure, with investors reducing exposure to riskier debt instruments. March registered the largest drop in average US leveraged loan bids since October 2023, according to Morningstar data. Bankers raised the interest spread on the senior loan to 4.5 Can`t stop reading?
The business has been intermittently up for sale since 2022, when shareholders expressed interest in exploring a full or partial exit. A previous attempt to sell the company to EQT in 2023 collapsed, despite final bids reportedly valuing the firm at around $8bn including debt.
The transaction values Viridium at 3.5bn, including debt. T&D Holdings will become the largest shareholder, while Allianz will acquire a 25% stake. The deal marks a significant exit for the British buyout firm following heightened regulatory scrutiny of private equity ownership in the insurance sector.
Unfortunately, the race to keep up with AT&T and T-Mobile left Verizon with a total debt of $149 billion, and the company has made very little progress in reducing that burden. Addressing the debt problem Unfortunately, that cost hamstrings Verizon with its $149 billion in debt. Verizon paid $3.3
billion) to back its bid for Australian data center operator AirTrunk, people familiar with the matter said. AirTrunk shareholders have been seeking around A$20 billion in the sale, people with knowledge of the matter have said. billion of junior debt that private credit funds are in talks to provide, Bloomberg News reported earlier.
Aurora Cannabis (NASDAQ: ACB) shareholders are thirsty for some good news. That's not great for current shareholders, but investors on the sidelines might be looking for reasons to buy in hopes of a turnaround. To be listed on the Nasdaq Composite , a business' shares must consistently meet the minimum bid price requirement of $1.
CoStar management believes the deal will go through before the end of 2024, but it still needs to pass shareholder and regulatory hurdles. Details of CoStar Group's acquisition of Matterport In late April, CoStar announced its intention to acquire Matterport, with each Matterport shareholder receiving $2.75 in cash and $2.75
Canada’s Brookfield Asset Management, one of the world’s largest real estate investors, is looking to acquire European logistics real estate firm Tritax EuroBox in a deal valued at £1.1bn ($1.44bn), including debt, according to a report by.
To abide by NYSE rules, and also to make its own stock look more respectable to institutional investors, Virgin Galactic had two choices: One, it could improve its business, make a lot of money, and attract investors to bid up its stock price. It's a way to protect shareholder interests. Virgin Galactic chose the latter.
The defense prime is offering $1 per share in a deal that would value the company at $600 million, including the assumption of $313 million in debt. Investors appear to be hoping for a sweetened bid from Lockheed Martin to get the deal done.
Private equity firm Cinven has agreed to buy back 160m euros ($170m) of debt sold by its insurer Eurovita and is open to supporting other measures to avoid a messy liquidation of the Italian company, a person with knowledge of the situation told Reuters. The five insurers will become shareholders in a new company dubbed Cronos Vita.
Concord, a US investment group backed by Apollo Global Management, has raised its bid for Hipgnosis Songs Fund (HSF) to $1.5bn, surpassing a competing offer from Blackstone and initiating a bidding war, according to a report by the Financial Times. on its original bid, or 42.6% per share for HSF.
And it would be smart to own those names before shares are bid higher as rate cuts become a reality. That has led to significant growth in the funds from operations (FFO) it taps to return capital to shareholders. Brookfield's use of debt has led to a more than 30% jump in interest expense for the first nine months of 2023 versus 2022.
A deal doomed from the start JetBlue and Spirit agreed to combine in July 2022 after JetBlue won a bidding war against Frontier Group Holdings. Spirit shareholders also received about $425 million in prepayments from JetBlue as agreed upon in the merger agreement as a way to sweeten the deal. billion in debt due in 2025.
The consortium formed by Engie and Caisse de dépôt et placement du Québec (CDPQ) is set to compete with Spanish utility Iberdrola which is also preparing a binding offer ahead of the deadline set by ENWL shareholders in two weeks, the people said. ENWL could be valued at over 4 billion pounds ($5.1
Private equity firms Clayton Dubilier & Rice and Permira have made a bid to acquire French cybersecurity specialist Exclusive Networks, in a deal that values the company at approximately €2.2bn ($2.4bn), according to a report by Bloomberg. The binding offer is for €24.25
Now, with the prospect of lower interest rates, investors have bid the stock higher by almost 15% since the beginning of July. This pays shareholders $3.16 Also, despite the rising stock price, shareholders earn a dividend yield of almost 5.3%, comparable to some CD interest rates in today's market.
The confirmation comes exactly a week after news of the acquisition bid first came to light, and some two years after SAP spun the business out as an independent publicly traded company, having bought it back in 2018 for $8 billion just as Qualtrics was originally planning its IPO. Shareholders have been offered $18.15
But that just means the company has an incentive to make big plays and take big risks to delight its shareholders. When it recently bought Seagen, a cancer biotech with advanced therapeutic technology, it was willing to take on $31 billion of debt to make the purchase. billion in debt, giving it a debt-to-equity ratio of 0.7.
CMC's downstream bidding activity has remained resilient, which points to a solid pipeline of potential future projects. As can be seen on Slide 19, for the first fiscal quarter of 2025, our net debt to adjusted EBITDA ratio now sits at just 0.6 While net debt to capitalization is only 6%. We're seeing backlogs maintained.
Private equity firm Cinven has agreed to buy back 160m euros ($170m) of debt sold by its insurer Eurovita and is open to supporting other measures to avoid a messy liquidation of the Italian company, a person with knowledge of the situation told Reuters. The five insurers will become shareholders in a new company dubbed Cronos Vita.
Not only did it arguably overpay for the assets after a bidding war with Chevron, it also got hit with the huge challenge of COVID-19 (when oil prices crashed). Meanwhile, Occidental's move to buy CrownRock for $12 billion, which will be largely funded with debt, will put further pressure on its free cash flow.
Right now, oil is on the rise, leading investors to bid up the stock prices of companies like ExxonMobil (NYSE: XOM). A strong balance sheet allows this industry giant to take on debt during weak patches so it can continue to fund its business and support the dividend until energy prices recover. Have you missed out?
During the third quarter, we continued to advance our strategy of generating additional liquidity to accelerate debt paydown and enhance financial flexibility. We continue to take meaningful action that better positions our business to create compelling shareholder value over the long term. billion in debt. Turning to our U.S.
Carnival stock is still well off its all-time highs as the company loaded up on debt and diluted shareholders to stay alive during the pandemic, but it's making progress in repairing its balance sheet and it should continue to do so in 2024.
When a big shareholder sells such a substantial amount, it can have a massive impact on the stock price. While he could use debt or raise equity funding from investors, selling shares to fund the company allows Bezos to maintain full control over Blue Origin. SEC filings show the centibillionaire sold 1.67
The company has spent recent years selling assets, restructuring its operations, and paying off debt, putting it in a healthier position. Terms of the deal offer Triumph shareholders $26 per share in cash, a premium of 38% to Friday's close and 123% above Triumph's closing price on Oct.
In mid-March, Chipotle's board announced plans to conduct a 50-for-1 forward split that would take effect on June 26 (assuming shareholders approve the split at the company's annual meeting in June). If shareholders give Chipotle the green light, its shares will trade closer to $64 by late June.
A premium price tag to pair with the AI rationale All this sounds exciting, but Synopsys shareholders should give pause here. To pay the premium price tag to Ansys shareholders, Synopsys has secured $16 billion in debt financing. After news of the acquisition broke, Ansys stock spiked.
The move was a bid to enter into a quickly growing market so Walgreens could get exposure to a tailwind for its growth. It's facing stiff competition in its only real growth segment Over the last few years, Walgreens has tried to enter the primary-care market by providing some basic services through its VillageMD subsidiary.
During this time, I have connected with shareholders, customers and clients. The combination of these measures will ultimately deliver greater shareholder value. As I hand the call over to Tom, I want to reiterate the importance of delivering on our commitments to our shareholders. We ended the quarter with approximately $3.8
And investors bid the stock higher today, with shares rising as much as 20% around midday, pushing the stock to within striking distance of its all-time high. Here's another thing: Some investors have been concerned about HP's balance sheet, considering it had a net-debt position -- more debt than cash. billion this year.
Global Switch, which owns and operates carrier-neutral data centres across Europe and Asia-Pacific, has been in and out of the market since 2022, when shareholders first signalled a willingness to explore a sale.
The deal, which closed in August, enabled it to retire $230 million of debt set to mature in 2025, giving it more breathing room. The cash sale provides substantial and certain value to Tellurian shareholders based on its price in mid-July. It's unlikely that another company will offer a higher bid.
So it wasn't all that surprising when Chevron made a bid to buy Permian exploration and production (E&P) company Anadarko Petroleum for $65 per share later that year. However, Occidental Petroleum (NYSE: OXY) , another E&P, outbid Chevron, offering $76 per share, or 17% more than Chevron's bid. He has a point.
With this increase in the revolver and recasting one of the term loans, we've extended our maturities and enhanced the ability to pursue other unsecured debt. We're in the bid process on it right now. It could tighten up a bit as we continue to navigate the bid process. We're in the market every day bidding on our type property.
But the stock's gains were no fluke; SentinelOne is a compelling long-term investment for shareholders looking for growth at a bargain price. The company is well-funded, with $773 million in cash against no debt. Indeed, with its rapid but slowing growth rates, investors may not bid the stock back to 90 times earnings.
EG Group said it will use the proceeds from the divestment to repay debt and strengthen its balance sheet. Zuber will retain his existing shareholding in EG Group while his brother Mohsin will become sole CEO. billion Sterling bond tranche in 2021.
The UK company’s shareholders started considering selling the business in 2021 at a time when other Chinese corporates were unwinding acquisitions of non-core assets they acquired in recent years. EQT was among the buyout firms that were in the final round of bidding for Global Switch, Bloomberg News reported in late 2022.
(Alliance News) – Gresham House on Wednesday said that its shareholders approved the planned takeover by US-based private equity and debt investor Searchlight Capital Partners. Gresham House in July agreed with Seed Bidco Ltd, a newly incorporated entity formed by funds advised by Searchlight at 1,105 pence per share bid.
US private equity major KKR has secured approval from Telecom Italia (TIM) for its €19bn bid to acquire the telecoms company’s fixed-line network, in what will be one of the first landline grid deals in a major European country, according to a report by Reuters.
Including Paramount's debt, the total enterprise value of the transaction would be around $30 billion. The $30 billion offer, which includes debt and equity, is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously and pursued," Allen Media Group said in a statement. "The
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