Note

Transocean Ltd. Announces Proposed Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031

Retrieved on: 
Thursday, April 11, 2024
Debt-to-GDP ratio, Sale, Tender offer, Transocean, United, Senior, Redemption, Note, Security (finance)

STEINHAUSEN, Switzerland, April 11, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that Transocean Inc., its wholly-owned subsidiary (the “Company” and, together with Transocean Ltd., “Transocean”), commenced a private offering of $1,500,000,000 aggregate principal amount of Senior Notes due 2029 (the “2029 Notes”) and Senior Notes due 2031 (the “2031 Notes” and together with the 2029 Notes, the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. and certain of the Company’s subsidiaries.

Key Points: 
  • STEINHAUSEN, Switzerland, April 11, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that Transocean Inc., its wholly-owned subsidiary (the “Company” and, together with Transocean Ltd., “Transocean”), commenced a private offering of $1,500,000,000 aggregate principal amount of Senior Notes due 2029 (the “2029 Notes”) and Senior Notes due 2031 (the “2031 Notes” and together with the 2029 Notes, the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. and certain of the Company’s subsidiaries.
  • The timing of pricing and terms of the Notes are subject to market conditions and other factors.
  • The Company intends to use the remaining net proceeds from the offering for the redemption of other priority guaranteed notes.
  • The Redemption is scheduled to occur on April 23, 2024, subject to the completion of the offering.

FTAI Aviation Announces Expiration and Results of Cash Tender Offer for Any and All of Its Outstanding 6.50% Senior Notes Due 2025

Retrieved on: 
Thursday, April 11, 2024
Settlement date, FTAI, Tender offer, Morgan Stanley, Tender, Interest, Note, Security (finance)

Morgan Stanley & Co. LLC is acting as the sole Dealer Manager for the Tender Offer.

Key Points: 
  • Morgan Stanley & Co. LLC is acting as the sole Dealer Manager for the Tender Offer.
  • King & Co., Inc. has been retained to serve as the Tender and Information Agent for the Tender Offer.
  • Questions regarding the Tender Offer may be directed to Morgan Stanley & Co. LLC at: (800) 624-1808 (toll-free) or (212) 761-1057 (collect).
  • The Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.

Invited Announces Final Tender Offer Results

Retrieved on: 
Thursday, April 11, 2024
Debt-to-GDP ratio, Tender offer, Note, Cryptocurrency

DALLAS, April 10, 2024 (GLOBE NEWSWIRE) -- Invited, Inc. today announced the final tender results for the previously announced tender offer (the “Tender Offer”) by ClubCorp Holdings, Inc., its indirect wholly-owned subsidiary (the “Company”), to purchase for cash up to $82,731,000 aggregate principal amount (the “Tender Cap”) of its outstanding 8.50% Senior Notes due 2025 (the “Notes”).

Key Points: 
  • DALLAS, April 10, 2024 (GLOBE NEWSWIRE) -- Invited, Inc. today announced the final tender results for the previously announced tender offer (the “Tender Offer”) by ClubCorp Holdings, Inc., its indirect wholly-owned subsidiary (the “Company”), to purchase for cash up to $82,731,000 aggregate principal amount (the “Tender Cap”) of its outstanding 8.50% Senior Notes due 2025 (the “Notes”).
  • The Tender Offer expired at 5:00 p.m., New York City time, on April 10, 2024 (the “Expiration Time”).
  • On April 10, 2024, the Company was advised by Global Bondholder Services Corporation, as Depositary for the Tender Offer, that after the Early Tender Time and at or prior to the Expiration Time, an additional $4,000,000 in aggregate principal amount of the outstanding Notes had been validly tendered and not withdrawn in the Tender Offer.
  • In total, $33,600,000 in aggregate principal amount, or approximately 30.6%, of the outstanding Notes were validly tendered and accepted for purchase in the Tender Offer.

Avid Bioservices (CDMO) Falls Further After Disclosing Intent to Restate Financial Statements Due to Misclassification of $146 Million of 2026 Notes as Long-Term Liabilities – Hagens Berman

Retrieved on: 
Wednesday, April 10, 2024
CDMO, Sale, Bank statement, Hagens Berman, SAN, Person, Note, Cryptocurrency

12, 2024 after the CDMO announced the need to restate its financial performance over several quarters in 2022 and 2023.

Key Points: 
  • 12, 2024 after the CDMO announced the need to restate its financial performance over several quarters in 2022 and 2023.
  • The company blamed the misreporting on its misclassification of certain notes as long term liabilities and its failures to record additional interest expenses payable to note holders.
  • The debt in question is $143.8 million of 1.250% exchangeable senior notes due 2026 (“2026 Notes”) that Avid privately placed with qualified institutional investors in Mar.
  • In addition, the indenture governing the 2026 Notes required Avid to remove the legend by Mar.

Cumulus Media Announces New Further Extension of Expiration Time in Exchange Offer and Consent Solicitation Relating to 6.750% Senior Secured First-Lien Notes due 2026

Retrieved on: 
Wednesday, April 10, 2024
Exchange offer, Settlement date, CMLS, Consent, Exchange, Solicitation, Senior, Letter, Note, Security (finance)

The Exchange Offer and Consent Solicitation will expire at the New Further Extended Expiration Time, unless extended or terminated.

Key Points: 
  • The Exchange Offer and Consent Solicitation will expire at the New Further Extended Expiration Time, unless extended or terminated.
  • Questions or requests for assistance related to the Exchange Offer and Consent Solicitation or for additional copies of the Exchange Offer Documents may be directed to D.F.
  • You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offer and Consent Solicitation.
  • The Exchange Offer and Consent Solicitation is being made solely by the Offering Memorandum.

KBRA Assigns Preliminary Ratings to TierPoint Series 2024-1

Retrieved on: 
Thursday, April 25, 2024
Professional Services, Finance, KBRA, ABS, Note, Trust

KBRA assigns ratings to the Series 2024-1 Class B Notes (TierPoint 2024-1) issued by TierPoint Issuer, LLC and TierPoint Co-Issuer, LLC (the Co-Issuers), a data center ABS transaction.

Key Points: 
  • KBRA assigns ratings to the Series 2024-1 Class B Notes (TierPoint 2024-1) issued by TierPoint Issuer, LLC and TierPoint Co-Issuer, LLC (the Co-Issuers), a data center ABS transaction.
  • In addition to the issuance of the Series 2024-1, Class B Notes, the Series 2023-2, Class A-2 Notes will be upsized from $475 million to $900 million.
  • TierPoint 2024-1 represents the third series of notes issued by TierPoint Issuer, LLC and TierPoint Co-Issuer, LLC.
  • KBRA anticipates affirming the ratings of the Series 2023-1/2 Notes with the issuance of TierPoint 2024-1.

Hilton Grand Vacations Completes $240 Million Term Securitization

Retrieved on: 
Thursday, April 25, 2024
Vacation, Other Travel, Lodging, Destinations, Travel, Goldman Sachs, MUFG, HGV, Annual report, Class, Security (finance), Trust, S&P, Result, Disclosure, Deutsche Bank, COVID-19, Analysis, Regulation, Blue-green, Marketing, Fitch Ratings, BofA Securities, Wells Fargo, Hilton Grand Vacations, Note

Hilton Grand Vacations Inc. (NYSE:HGV) announces today the completion of a $240 million securitization of legacy Bluegreen Vacations timeshare loans through Hilton Grand Vacations Trust 2024-1B (“the Trust”).

Key Points: 
  • Hilton Grand Vacations Inc. (NYSE:HGV) announces today the completion of a $240 million securitization of legacy Bluegreen Vacations timeshare loans through Hilton Grand Vacations Trust 2024-1B (“the Trust”).
  • Four classes of Notes were issued by the Trust, including approximately $101 million of Class A Notes, approximately $58 million of Class B Notes, approximately $46 million of Class C notes, and approximately $35 million of Class D Notes.
  • “We’re pleased with the nearly 9.2x peak subscription levels on this transaction, reflecting continued strong execution on our leading capital markets platform,” said Dan Mathewes, president and chief financial officer of Hilton Grand Vacations.
  • This transaction marks HGV’s tenth term securitization of timeshare loans, and the first issuance of legacy Bluegreen Vacations collateral under the HGVT issuance shelf.

Lazard Reports First-Quarter 2024 Results

Retrieved on: 
Thursday, April 25, 2024
Professional Services, Finance, Debt-to-GDP ratio, Sale, Avison Young, Service provider, Schaeffler Group, Enviva, Vitesco Technologies, Weather, CSR Limited, Lazard, AbbVie, Thomson Reuters, Francisco Partners, SVB, The Weather Company, Conference, Euronext Paris, Rubicon, Mars, Endo International, Tax, Silicon, Lumen Technologies, AUM, Acquisition, Mars, Incorporated, Massimo Zanetti Beverage Group, AFE, Share repurchase, Bank statement, Name, Asset management, GAAP, Sixth Street Partners, Note, Telescopic sight

On April 24, 2024, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock.

Key Points: 
  • On April 24, 2024, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock.
  • Beginning in the first quarter of 2024, Lazard has updated the names of certain non-U.S. GAAP ("non-GAAP") measures and metrics.
  • We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is a meaningful and useful way to compare our operating results across periods.
  • ET on April 25, 2024, to discuss the company’s financial results for the first quarter of 2024.

STORE Capital Announces Closing of $450 Million Securitization at 5.76%

Retrieved on: 
Wednesday, April 24, 2024
Commercial Building & Real Estate, Construction & Property, REIT, Sale, A-3, A-4, AAA, S&P, S&P Global, ABS, AA, Note, Security (finance)

STORE Capital LLC (“STORE”, “STORE Capital” or the “Company”), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that it completed the issuance of $450.0 million of long-term fixed-rate notes designated as STORE Master Funding Net-Lease Mortgage Notes, Series 2024-1 (the “Notes”).

Key Points: 
  • STORE Capital LLC (“STORE”, “STORE Capital” or the “Company”), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that it completed the issuance of $450.0 million of long-term fixed-rate notes designated as STORE Master Funding Net-Lease Mortgage Notes, Series 2024-1 (the “Notes”).
  • This is the thirteenth note issuance under STORE’s Master Funding debt program, its proprietary structured debt financing vehicle.
  • Notes aggregating $335.0 million were rated AAA by S&P Global Ratings (“S&P”) and include $74.4 million of 5-year Class A‑1 notes issued at an interest rate of 5.69% and $260.6 million of 7-year Class A-2 notes issued at an interest rate of 5.70%.
  • Notes aggregating $115.0 million were rated AA by S&P and include $25.6 million of 5-year Class A-3 notes issued at an interest rate of 5.93% and $89.4 million of 7-year Class A-4 notes issued at an interest rate of 5.94%.

Valero Energy Reports First Quarter 2024 Results

Retrieved on: 
Thursday, April 25, 2024
Chemicals, Plastics, Automotive, Oil, Gas, Manufacturing, Alternative Energy, Energy, Alternative Vehicles, Fuels, Diamond, Table, Valero Energy, DGD, Senior, Note, SAF, VLO, Fuel oil, Ethanol, Holding company

Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $1.2 billion, or $3.75 per share, for the first quarter of 2024, compared to $3.1 billion, or $8.29 per share, for the first quarter of 2023.

Key Points: 
  • Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $1.2 billion, or $3.75 per share, for the first quarter of 2024, compared to $3.1 billion, or $8.29 per share, for the first quarter of 2023.
  • The Refining segment reported operating income of $1.7 billion for the first quarter of 2024, compared to $4.1 billion for the first quarter of 2023.
  • Operating income in the first quarter of 2024 was lower than the first quarter of 2023 due to lower renewable diesel margin.
  • The Ethanol segment reported $10 million of operating income for the first quarter of 2024, compared to $39 million for the first quarter of 2023.