One after another, some of the most beleaguered names in corporate America are racing to raise easy money while they can.
“Companies are currently focused on strengthening their balance sheets and boosting cash liquidity,” said Nicholas Elfner, co-head of research at Breckinridge Capital Advisors. “The window is open, so take advantage of it — before a COVID winter.” Antero, which owns and operates midstream energy assets, was also able to boost its sale by $150 million to $550 million last week, just after Americans went to the polls to vote. It sold the bonds due in 2026 — to repay debt and help improve liquidity — at a yield of 7.875%. Other notes held by the company due in 2028 yielded more than 16% in March, when the pandemic took hold in the U.S.Tervita Corp.
Then there are the cruise operators, which are among the hardest hit by the virus. Carnival, the world’s biggest cruise company, filed to sell as much as $1.5 billion in stock after its shares surged Monday in their biggest one-day increase ever.Norwegian Cruise Line Holdings Ltd. would look at potential capital raises “on an opportunistic basis,” Chief Financial Officer Mark Kempa said on a conference call Tuesday. He added there was a “solid runway” of cash and wasn’t in a rush.
Lol stockpile...
what about Covid Spring, Covid Summer and Covid Fall? Spliced in with our annual Fire Season&Black Outs
nice