Junk Issuers Rush to Refinance With Spreads Lowest Since 2022 [BNN Bloomberg (Canada)]
Algoma Steel Group Inc. (ASTL)
Company Research
Source: BNN Bloomberg
AMC Networks Inc., MGM Resorts International and home builder The New Home Company plan to refinance their outstanding debt or conduct tender offers. Steel producer Algoma Steel Group Inc. is offering $350 million in second-lien notes to use for general corporate purposes. Two deals have investor calls Monday and are pricing the same day, in what's known as a drive-by sale. Monday's issuance blitz saw the most transactions launch since January 2023, with high-yield spreads sitting inside of 300 basis points, the lowest in roughly two years. Market sentiment was also buoyed by the Federal Reserve last week forecasting three rate cuts this year. “The nominal cost of borrowing has come down dramatically since the end of October, and the market is very receptive to new issuance,” said Bill Zox, portfolio manager at Brandywine Global Investment Management. “Borrowers are doing the right thing by taking advantage of that.” Many companies coming to the market are seeking to refinanc
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ASTL
News
- Algoma Steel Inc. Announces Pricing of US$350 Million 9.125% Senior Secured Second Lien Notes due 2029GlobeNewswire
- CORRECTION: Dividend Payment Date Adjustment Due to Canadian Statutory HolidayGlobeNewswire
- Algoma Steel Inc. Announces Proposed Offering of US$350 Million of Senior Secured Second Lien Notes due 2029 [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Algoma Steel Provides Fiscal Fourth Quarter 2024 Guidance [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Algoma Steel Inc. Announces Proposed Offering of US$350 Million of Senior Secured Second Lien Notes due 2029 [Yahoo! Finance]Yahoo! Finance
ASTL
Earnings
- 8/10/23 - Beat
ASTL
Sec Filings
- 4/10/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/26/24 - Form 6-K
- ASTL's page on the SEC website