Boyd Gaming may try to lower the cost of some of its $4.3 billion in debt in 2014 if the Fed continues its bond-buying programs that are keeping interest rates low, according to CFO Josh Hirsberg. Click HERE for more.
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MDC Partners aims to use free cash flow on acquisitions to boost earnings and cut indebtedness, said CFO David Doft. It plans to take the ratio of net debt to Ebitda under 2.5 times, from 3.1, in two to three years, Doft said. Click HERE for more.
Toll Brothers is postponing a rise to investment grade by borrowing $1.7 billion to make an acquisition and refinance debt due next year. Click HERE for more.
Penn Virginia may sell assets to pay down a revolving line of credit as it seeks to cut indebtedness and gain positive free cash flow by 2016. Click HERE for more.
OZ Minerals Ltd. has fallen so much that it offers potential suitors decades of Australian copper production at the world’s cheapest valuation. After its shares plunged 76 percent in less than three years and a slump in copper prices prompted a writedown on its only producing mine, the Melbourne-based company was yesterday valued at $1.2 [...]
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The Ohio Police & Fire Pension Fund is boosting its holdings of high-yield debt, including floating-rate bank loans, while reducing equities to limit volatility. Click HERE for more.
Central European Media Enterprises may skip a chance to refinance 273 million euros ($365 million) of 11.625 percent bonds due September 2016 that lost make-whole protection this week after a ratings cut by Moody’s. Click HERE for more.
The U.S. Justice Department’s move to block the merger between AMR Corp. and US Airways Group Inc. is sending a chill through the deals market. Since both airline companies were sued Aug. 13 to prevent the transaction that would create the world’s largest carrier, traders grew more skittish around other U.S. deals seeking regulatory approval. To read more, [...]