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TransDigm 04-07 13:52 GMT
(Comment)
Last Thursday, TransDigm (TDG) issued $1.1 billion of 8.0% senior secured notes due 2025 to bolster...
Corporate Development by Evan Mann, CFA
Last Thursday, TransDigm (TDG) issued $1.1 billion of 8.0% senior secured notes due 2025 to bolster its liquidity position. In addition, the company announced a cost mitigation plan, slashing its workforce by up to 15%, taking one or two-week furloughs at most of its facilities over the next six months, and substantially cutting senior management cash compensation. TDG also withdrew its previous fiscal 2020 guidance. We will update our projections and review our recommendation shortly.
Tullow Oil plc 04-07 02:53 GMT  
(Report with Analyst's Data Sheet) 
Last Friday, Tullow Oil Plc (TLWLN) announced that it has secured a $1.9 billion Reserves Based Lending (RBL) credit facility, in line with the company's...
Not Yet Out Of The Woods by Alexandre Dray
Constellation Brands 04-07 02:52 GMT  
(Report with Analyst's Data Sheet) 
Investors in Constellation Brands (STZ), the major U.S. producer and marketer of Corona beer brands recently expressed concern that Constellation...
Corona Hiatus by Kim Noland
Humana 04-07 02:52 GMT  
(Report with Analyst's Data Sheet) 
As we discussed last week, both Cigna and CVS Health tapped the corporate bond market in March, despite the volatility related to the Covid-19 pandemic. Another major...
Another New Offering by Kathleen Shanley, CFA
Baidu Inc. 04-06 01:29 GMT  
(Report with Analyst's Data Sheet) 
In a rare show of confidence in the Asian investment grade bond markets, Baidu Inc. (BIDU) managed to issue $1 billion of bonds in two 5- and 10-year tranches...
New Issue by Cedric Rimaud, CFA
XPO Logistics 04-06 01:29 GMT  
(Report with Analyst's Data Sheet) 
In mid-January, XPO Logistics (XPO) announced a strategic review, including the possible sale or spin-off of one or more of its business units (excluding...
Temporary Interruption by Evan Mann, CFA
AT&T 04-06 01:29 GMT  
(Report with Analyst's Data Sheet) 
AT&T will likely lose revenue from the closing of its retail stores, the waiver of some overage fees, and the removal of data caps. Moreover, AT&T may struggle in other...
How Is That Media Bet Looking Now? by Dave Novosel, CFA
Walgreens Boots Alliance 04-06 01:29 GMT  
(Report with Analyst's Data Sheet) 
Walgreens reported fiscal second quarter results last week that were better than management expected. But the quarter ended before the...
Early Indications by Carol Levenson, CFA
Whiting Petroleum Corp. 04-01 16:45 GMT
(Comment)
When we last looked at Whiting Petroleum (WLL) (GC 03/05/20), investors were...
Bankruptcy by Evan Mann, CFA
When we last looked at Whiting Petroleum (WLL) (GC 03/05/20), investors were already very concerned about the company's ability to address its upcoming debt maturities wall. Since early March, the adverse impacts of Covid-19 have brought the U.S. and global economies to a grinding halt. And if that wasn't bad enough, tensions between Russia and Saudi Arabia over production levels has seen the price of oil plunge to painfully low levels. This morning, WLL filed a pre-packaged Chapter 11 plan of reorganization. Under the proposal, WLL's balance sheet would de-lever by eliminating $2.2 billion of its $2.8 billion of total debt (as of 12/31/19) by exchanging all its outstanding senior notes for 97% of the equity in the post-bankruptcy company. More to follow as the facts develop.
Gimme Credit Emerging Markets has just initiated coverage of Baidu Inc.

TransDigm 04-07 
Whiting 04-01 
Newfield Exploration 04-01 
Kohl's 03-31 
Cleveland-Cliffs 03-26 
ConAgra 03-25 
Ford Motor Credit 03-24 
General Motors Financial 03-24 
Penney 03-24 
Expedia 03-23 
Dell 03-23 
Macy's 03-20 
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