Bond market

Berry Global Group, Inc. Announces Proposed Offering of First Priority Senior Secured Notes

Retrieved on: 
Friday, February 26, 2021
Packaging, Chemicals, Plastics, Manufacturing, Bond market, Contract law, Indenture

Berry Global Group, Inc. (NYSE:BERY) (Berry) announced today that its wholly-owned subsidiary, Berry Global, Inc. (the Issuer), plans to issue first priority senior secured notes due 2026 (the New Notes).

Key Points: 
  • Berry Global Group, Inc. (NYSE:BERY) (Berry) announced today that its wholly-owned subsidiary, Berry Global, Inc. (the Issuer), plans to issue first priority senior secured notes due 2026 (the New Notes).
  • The New Notes would be an additional issuance of the 1.57% First Priority Senior Secured Notes due 2026 issued pursuant to the indenture dated December 22, 2020 (the Existing Notes) and would be consolidated with and form a single series with the Existing Notes.
  • The New Notes offered would have the same terms as the Existing Notes, other than the settlement date and offering price.
  • Any offers of the New Notes will be made only by means of a private offering memorandum.

ESG Concerns In Oil And Gas Sectors Led To A Surge In Downgrade Pressure In January, Report Finds

Retrieved on: 
Thursday, February 25, 2021
Finance, Money, Credit rating, Bond credit rating, Bond market, Bond valuation, Investment, S&P Global Ratings

This was owing to environmental, social, and government (ESG) concerns as many governments formally endorse adoption and transition to renewable energy alternatives.

Key Points: 
  • This was owing to environmental, social, and government (ESG) concerns as many governments formally endorse adoption and transition to renewable energy alternatives.
  • Specifically, this led to nine issuers on our list being placed on CreditWatch with negative implications, temporarily boosting downgrade pressure, which has largely subsided since.
  • Downgrade risk continues to soften in the two sectors as we anticipate a deceleration in the pace of downgrades this year, though it remains elevated.
  • Potential downgrades are issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications.

TTM Announces Pricing of $500 Million of its 4.000% Senior Notes Due 2029

Retrieved on: 
Wednesday, February 24, 2021
Contract law, Legal documents, Bond market, Indenture, Economy

The sale of the Notes is expected to close on March 10, 2021, subject to customary closing conditions.

Key Points: 
  • The sale of the Notes is expected to close on March 10, 2021, subject to customary closing conditions.
  • This press release is not an offer to purchase or the solicitation of an offer to sell any of the Existing Notes.
  • The statements in this press release with respect to the redemption of the Existing Notes do not constitute a notice of redemption under the indenture governing the Existing Notes.
  • Any such notice has or will be sent to holders of Existing Notes only in accordance with the provisions of such indenture.

TTM Announces Proposed Offering of $500 Million of Senior Notes Due 2029

Retrieved on: 
Tuesday, February 23, 2021
Contract law, Legal documents, Bond market, Indenture, TTM

This press release is not an offer to purchase or the solicitation of an offer to sell any of the Existing Notes.

Key Points: 
  • This press release is not an offer to purchase or the solicitation of an offer to sell any of the Existing Notes.
  • The statements in this press release with respect to the redemption of the Existing Notes do not constitute a notice of redemption under the indenture governing the Existing Notes.
  • Any such notice has or will be sent to holders of Existing Notes only in accordance with the provisions of such indenture.
  • TTM cautions you that such statements are simply predictions and actual events or results may differ materially.

The New Home Company Inc. Announces Pricing of Private Tack-on Offering of 7.25% Senior Notes Due 2025

Retrieved on: 
Monday, February 22, 2021
Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, REIT, Bond market, Contract law, Indenture

The New Home Company Inc. (NYSE: NWHM) (the Company) today announced that it has priced a private tack-on offering (the Offering) of $35.0 million in aggregate principal amount of its 7.25% senior notes due 2025 (the 2025 notes).

Key Points: 
  • The New Home Company Inc. (NYSE: NWHM) (the Company) today announced that it has priced a private tack-on offering (the Offering) of $35.0 million in aggregate principal amount of its 7.25% senior notes due 2025 (the 2025 notes).
  • The 2025 notes are an additional issuance of our existing 7.25% Senior Notes due 2025 and will be issued under the indenture dated as of October 28, 2020 (the Indenture), pursuant to which we previously issued $250,000,000 in aggregate principal amount of 7.25% Senior Notes due 2025 (the existing 2025 notes).
  • The 2025 notes have identical terms as the existing 2025 notes other than with respect to the date of issuance and issue price.
  • The 2025 notes, together with the existing 2025 notes, will be treated as a single class for all purposes under the Indenture.

MarketAxess to Participate in the Credit Suisse 22nd Annual Financial Services Forum

Retrieved on: 
Monday, February 22, 2021
Financial markets, Finance, Money, Economy, MarketAxess, Dark pool, Automated trading system, Bond market, Market data

A global network of over 1,800 firms, including the worlds leading asset managers and institutional broker-dealers, leverages MarketAxess patented trading technology to efficiently trade bonds.

Key Points: 
  • A global network of over 1,800 firms, including the worlds leading asset managers and institutional broker-dealers, leverages MarketAxess patented trading technology to efficiently trade bonds.
  • MarketAxess award-winning Open Trading marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants.
  • Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services.
  • MarketAxess is headquartered in New York and has offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, So Paulo, Hong Kong and Singapore.

The New Home Company Inc. Announces Proposed Private Tack-On Offering of 7.25% Senior Notes Due 2025

Retrieved on: 
Monday, February 22, 2021
Residential Building & Real Estate, Construction & Property, REIT, Bond market, Contract law, Indenture

The New Home Company Inc. (NYSE: NWHM) (the Company) today announced that it intends, subject to market conditions, to privately offer $35.0 million in aggregate principal amount of its 7.25% senior notes due 2025 (the 2025 notes) in a tack-on offering (the Offering).

Key Points: 
  • The New Home Company Inc. (NYSE: NWHM) (the Company) today announced that it intends, subject to market conditions, to privately offer $35.0 million in aggregate principal amount of its 7.25% senior notes due 2025 (the 2025 notes) in a tack-on offering (the Offering).
  • The 2025 notes are an additional issuance of our existing 7.25% Senior Notes due 2025 and will be issued under the indenture dated as of October 28, 2020 (the Indenture), pursuant to which we previously issued $250,000,000 in aggregate principal amount of 7.25% Senior Notes due 2025 (the existing 2025 notes).
  • The 2025 notes have identical terms as the existing 2025 notes other than with respect to the date of issuance and issue price.
  • The 2025 notes, together with the existing 2025 notes, will be treated as a single class for all purposes under the Indenture.

Statement of Exchange Bondholder Group on Economic Policy in Argentina

Retrieved on: 
Wednesday, February 17, 2021
Bond market, Exchange offer, Indenture, Bond

NEW YORK, Feb. 17, 2021 /PRNewswire/ --The Ad Hoc Group of Argentina Exchange Bondholders today released the below statement containing its views on the current economic situation in Argentina and its government's policies:

Key Points: 
  • NEW YORK, Feb. 17, 2021 /PRNewswire/ --The Ad Hoc Group of Argentina Exchange Bondholders today released the below statement containing its views on the current economic situation in Argentina and its government's policies:
    Argentina's Backdrop Should be Positive.
  • Rather than moving policy in a positive direction, the government has largely used the respite as an opportunity to delay difficult decisions and continue unsustainable policies.
  • The Exchange Bondholder Group is comprised of 18 investment institutions, all of which voluntarily participated in Argentina's recently-consummated exchange offer by tendering Exchange Bonds.
  • Prior to that exchange, Exchange Bondholder Group collectively held over 15% of the outstanding Exchange Bonds issued by Argentina under its 2005 indenture and 2010 indenture supplement.

Statement of Exchange Bondholder Group on Economic Policy in Argentina

Retrieved on: 
Wednesday, February 17, 2021
Bond market, Exchange offer, Indenture, Bond

NEW YORK, Feb. 17, 2021 /PRNewswire/ --The Ad Hoc Group of Argentina Exchange Bondholders today released the below statement containing its views on the current economic situation in Argentina and its government's policies:

Key Points: 
  • NEW YORK, Feb. 17, 2021 /PRNewswire/ --The Ad Hoc Group of Argentina Exchange Bondholders today released the below statement containing its views on the current economic situation in Argentina and its government's policies:
    Argentina's Backdrop Should be Positive.
  • Rather than moving policy in a positive direction, the government has largely used the respite as an opportunity to delay difficult decisions and continue unsustainable policies.
  • The Exchange Bondholder Group is comprised of 18 investment institutions, all of which voluntarily participated in Argentina's recently-consummated exchange offer by tendering Exchange Bonds.
  • Prior to that exchange, Exchange Bondholder Group collectively held over 15% of the outstanding Exchange Bonds issued by Argentina under its 2005 indenture and 2010 indenture supplement.

Marine Petroleum Trust Announces First Quarter Cash Distribution and Extension of Trust to June 1, 2041

Retrieved on: 
Tuesday, February 16, 2021
Bond market, Contract law, Indenture, Trust Indenture Act, Debt bondage, Economy

This distribution of $0.018129 per unit is higher than the $0.007178 per unit distributed last quarter.

Key Points: 
  • This distribution of $0.018129 per unit is higher than the $0.007178 per unit distributed last quarter.
  • This distribution is lower than the $0.065452 per unit distributed in the comparable quarter in 2020.
  • The prior Restated Marine Petroleum Trust Indenture (the "Indenture') stated that Marine would terminate on June 1, 2021.
  • The updated Indenture reflecting the June 1, 2041 termination date was filed with Marine's Form 10-Q on November 16, 2021.