Bond market

KBRA Assigns Preliminary Ratings to CarNow Auto Receivables Trust 2020-1

Retrieved on: 
Thursday, June 25, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Structured finance, Financial law, Credit risk, Bond market, Kroll Bond Rating Agency, Asset-backed security, Credit rating agency, Bond credit rating, Subprime lending

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by CarNow Auto Receivables Trust 2020-1 (CNART 2020-1), a subprime auto asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by CarNow Auto Receivables Trust 2020-1 (CNART 2020-1), a subprime auto asset-backed securities transaction.
  • The review did not result in Watch Placements on any outstanding ratings from KBRA rated CNART transactions.
  • Due to the impact of COVID-19 on the economy, KBRA also used lower recovery rates and a longer recovery lag assumption on defaulted loans.
  • CarNow Auto Receivables Trust 2020-1 (CNART 2020-1 or the Issuer) will issue five classes of notes totaling $118.73 million that are collateralized by a pool of retail automobile contracts, made to subprime obligors that are secured by used automobiles.

Ford Foundation Announces Sale and Pricing of Landmark $1 Billion Social Bonds

Retrieved on: 
Tuesday, June 23, 2020
Financial markets, Bond, Bond market

NEW YORK, June 23, 2020 /PRNewswire/ -- The Ford Foundation announced the pricing and sale of a $1 billion aggregate principal Social Bond (taxable), the net proceeds of which will help support and strengthen nonprofit organizations hit hard by COVID-19 pandemic.

Key Points: 
  • NEW YORK, June 23, 2020 /PRNewswire/ -- The Ford Foundation announced the pricing and sale of a $1 billion aggregate principal Social Bond (taxable), the net proceeds of which will help support and strengthen nonprofit organizations hit hard by COVID-19 pandemic.
  • This Social Bond is the first-ever such offering by a U.S. nonprofit foundation in the taxable corporate bond market.
  • The Ford Foundation's Social Bonds, Series 2020 (taxable), were underwritten by joint lead managers Wells Fargo Securities and Morgan Stanley.
  • Sustainalytics has provided a Second Party Opinion on the alignment of the foundation's Social Bond Framework with the International Capital Market Association's Social Bond Principles.

Pattern Energy Group Inc. Notice to Note Holders

Retrieved on: 
Tuesday, June 23, 2020
Finance, Bond market, Money, Contract law, Indenture, CUSIP, Economy

Capitalized terms used in this Notice, unless otherwise defined herein, have the meanings given to such terms in the Indenture.

Key Points: 
  • Capitalized terms used in this Notice, unless otherwise defined herein, have the meanings given to such terms in the Indenture.
  • On April 10, 2020, the Company issued a press release publicly announcing the execution of the Second Supplemental Indenture.
  • To receive access, holders of the Notes, prospective investors and securities analysts should contact Wendy Chan at (415) 277-3457 or [email protected] .
  • Copies of this Notice may be obtained from the Trustee at the following address:
    The above-referenced CUSIP numbers are included solely for the convenience of the Holders of the Notes.

Parkland Announces Closing of $400 Million Offering of Senior Unsecured Notes

Retrieved on: 
Tuesday, June 23, 2020
Bond market, Contract law, Indenture, Senior debt

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Key Points: 
  • NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
    CALGARY, Alberta, June 23, 2020 (GLOBE NEWSWIRE) -- Parkland Corporation (Parkland, "we", the "Company", or "our") (TSX:PKI), announced today the closing of its previously announced private placement (the "Offering") of $400 million aggregate principal amount of senior unsecured notes due 2028 (the "Notes").
  • Parkland intends to use the net proceeds from the Offering along with cash on hand to redeem all of the outstanding: (i) $200 million aggregate principal amount of 5.50% senior notes (the "5.50% Senior Notes") with a final maturity date of May 28, 2021; and (ii) $200 million aggregate principal amount of 6.00% senior notes (the "6.00% Senior Notes") with a final maturity date of November 21, 2022.
  • Pursuant to the terms of the indenture governing the 5.50% Senior Notes, Parkland has issued a notice of redemption dated June 16, 2020 to redeem all of the outstanding 5.50% Senior Notes.
  • In addition, pursuant to the terms of the indenture governing the 6.00% Senior Notes, Parkland has issued a notice of redemption to redeem all of the outstanding 6.00% Senior Notes, also dated June 16, 2020.

AMC Entertainment Holdings, Inc. Announces Extension of Early Deadline and Withdrawal Deadline of Private Exchange Offers and Consent Solicitations

Retrieved on: 
Monday, June 22, 2020
General Entertainment, Entertainment, Film & Motion Pictures, Bond market, Offering circular

Therefore, holders who tender their Existing Subordinated Notes prior to such time will receive the Early Exchange Consideration.

Key Points: 
  • Therefore, holders who tender their Existing Subordinated Notes prior to such time will receive the Early Exchange Consideration.
  • Other than the extension of the Early Deadline and Withdrawal Deadline described herein, the terms and conditions of the Exchange Offers and Consent Solicitations remain as set forth in the Offering Memorandum.
  • The Exchange Offers and Consent Solicitations are being made only pursuant to the Offering Memorandum.
  • The Offering Memorandum and other documents relating to the Exchange Offers and Consent Solicitations will be distributed only to eligible holders.

Satori Capital Invests in Faraday Capital

Retrieved on: 
Thursday, June 18, 2020
Professional services, Finance, Economy, Finance, Money, Financial markets, Bond market, Fixed income, Faraday, Bond, Capital, Municipal bond

Based in San Rafael, California and founded in 2018, Faraday actively trades high-quality municipal bonds expected to appreciate over short-term investment horizons.

Key Points: 
  • Based in San Rafael, California and founded in 2018, Faraday actively trades high-quality municipal bonds expected to appreciate over short-term investment horizons.
  • We appreciate the Faraday teams granular understanding of the unique dynamics and intricacies found in the municipal marketplace, said James Haddaway, chief investment officer for Satoris alternative investments platform and the Satori XL Program.
  • Faraday seeks to capitalize on structural inefficiencies within the municipal bond market while carefully hedging interest rate risk to preserve capital and profit during periods of market dislocation or volatility.
  • Satori Capital is a Texas-based multi-strategy investment firm founded upon the principles of conscious capitalism.

AMC Entertainment Holdings, Inc. Announces Extension of Early Deadline and Withdrawal Deadline of Private Exchange Offers and Consent Solicitations

Retrieved on: 
Tuesday, June 16, 2020
General Entertainment, Entertainment, Film & Motion Pictures, Bond market, Offering circular

Therefore, holders who tender their Existing Subordinated Notes prior to such time will receive the Early Exchange Consideration.

Key Points: 
  • Therefore, holders who tender their Existing Subordinated Notes prior to such time will receive the Early Exchange Consideration.
  • Other than the extension of the Early Deadline and Withdrawal Deadline described herein, the terms and conditions of the Exchange Offers and Consent Solicitations remain as set forth in the Offering Memorandum.
  • The Exchange Offers and Consent Solicitations are being made only pursuant to the Offering Memorandum.
  • The Offering Memorandum and other documents relating to the Exchange Offers and Consent Solicitations will be distributed only to eligible holders.

Cleveland-Cliffs Inc. Announces Proposed Offering of an Additional $120,000,000 Senior Secured Notes due 2026

Retrieved on: 
Tuesday, June 16, 2020
Natural Resources, Manufacturing, Other Manufacturing, Steel, Mining, Minerals, Financial markets, Stock market, Bond market, Contract law, Indenture, Securities Act, Finance, Security

Cleveland-Cliffs Inc. (NYSE: CLF) (Cliffs) today announced that it intends to offer to sell, subject to market and other conditions, an additional $120 million aggregate principal amount of Senior Secured Notes due 2026 (the Additional Notes) in an offering (the Additional Notes Offering) that is exempt from the registration requirements of the Securities Act of 1933 (the Securities Act).

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) (Cliffs) today announced that it intends to offer to sell, subject to market and other conditions, an additional $120 million aggregate principal amount of Senior Secured Notes due 2026 (the Additional Notes) in an offering (the Additional Notes Offering) that is exempt from the registration requirements of the Securities Act of 1933 (the Securities Act).
  • The Additional Notes will be an issuance of Cliffs existing 6.75% Senior Secured Notes due 2026 and will be issued as additional notes under the indenture dated as of March 13, 2020 (as supplemented, the Indenture) pursuant to which Cliffs previously issued $725 million aggregate principal amount of 6.75% Senior Secured Notes due 2026 (the Existing Notes).
  • Cliffs intends to use the net proceeds from the Additional Notes Offering to finance the construction of its hot briquetted iron (HBI) production plant.
  • Pending such use, Cliffs intends to use the net proceeds from the Additional Notes Offering to temporarily reduce borrowings under its ABL Facility.

KBRA Releases Research – Coronavirus (COVID-19): U.S. BSL CLO Sector Exposure Map: May 2020

Retrieved on: 
Monday, June 15, 2020
Banking, Professional services, Finance, Money, Finance, Economy, Loans, Financial law, Credit rating agencies, Kroll Bond Rating Agency, Credit risk, Bond market, Syndicated loan, Collateralized loan obligation, Nationally recognized statistical rating organization

Kroll Bond Rating Agency (KBRA) releases a report which details U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) exposure to sectors that have experienced negative credit migration as a result of the ongoing coronavirus (COVID-19) pandemic.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report which details U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) exposure to sectors that have experienced negative credit migration as a result of the ongoing coronavirus (COVID-19) pandemic.
  • KBRA continues to monitor the impact of COVID-19 on the issuers of corporate leveraged loans, including those in U.S. BSL CLOs.
  • The publication is a follow-up to prior KBRA reports which discussed corporate exposure within BSL transactions.
  • Coronavirus (COVID-19): U.S. BSL CLO Sector Exposure Map: April 2020
    KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

Acadia Healthcare Announces Launch of $450 Million Senior Notes Offering

Retrieved on: 
Wednesday, June 10, 2020
Hospitals, Health, Mental health, Bond market, Offering circular, Offering

Acadia Healthcare Company, Inc. (NASDAQ: ACHC) (the Company or Acadia) announced today that it has launched a private offering (the Offering) of senior notes due 2028 (the Notes), subject to customary and market conditions.

Key Points: 
  • Acadia Healthcare Company, Inc. (NASDAQ: ACHC) (the Company or Acadia) announced today that it has launched a private offering (the Offering) of senior notes due 2028 (the Notes), subject to customary and market conditions.
  • The Company intends to use the net proceeds from the Offering, together with cash on hand, to redeem in full its outstanding 6.125% Senior Notes due 2021 (the 2021 Notes) and 5.125% Senior Notes due 2022 (the 2022 Notes and together with the 2021 Notes, the Existing Notes) and to pay related fees and expenses in connection therewith.
  • A confidential offering memorandum for the Offering of the Notes, dated as of today, is being made available to such eligible persons.
  • The Offering is being conducted in accordance with the terms and subject to the conditions set forth in such confidential offering memorandum.