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I seem to recall some of us III’ers, including Grid, holding debt of The Phoenix Insurance Company. Moody’s affirmed its IFSR (Baa1) ratings and changed it’s outlook from Negative to Stable.
https://www.moodys.com/research/null-Moodys-Ratings-affirms-The-Phoenix-Insurance-Companys-Baa1-IFSR-outlook-Rating-Action–PR_1000011093?cid=GAR9PTU7VKT2671&emailToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJVc2VySWQiOiJkYzVkYjczMC01NTBiLTQ3ZjctYjhjZi05NzY2ZjAxZmU0MzMiLCJEb2NJZCI6IlBSXzEwMDAwMTEwOTMiLCJjcmVhdGlvbkRhdGUiOiIyMDI1LTAzLTI2VDA4OjU4OjI5LjAzMjQ5OTQtMDQ6MDAiLCJleHAiOjE3NDMyNTMxMDksIlVzZXJOYW1lIjoiY3BhbWlrZW1iYUB5YWhvby5jb20iLCJVc2VyVHlwZSI6IjIifQ.n6o9iiEAi3IwOM1V4CADqLjMlhjIG_PWDJYxhwgxltc#0572b961dceedc105347b4ba6f05cd6f
Bloomberg reporting ATT is in talks to acquire Lumen’s fiber optic, LUMN down 10.5%, T is up
T making a wise acquisition? Hmmm. They are so used to just paying other companies billions to not merge with them.
B. Riley Financial, Inc. (NASDAQ: RILY), a diversified provider of financial services, announced today it has reached an agreement to reduce its total outstanding debt by approximately $35 million through a private exchange with an institutional investor. ..
https://www.investing.com/news/company-news/b-riley-financial-cuts-debt-by-35-million-in-bond-exchange-93CH-3948969
LONDON, UK, March 26, 2025 /CNW/ – Atlas Corp. (“Atlas” or the “Company”) announced today that the Company’s Board of Directors has declared cash dividends on its preferred shares as follows…
https://ir.atlascorporation.com/2025-03-26-Atlas-Declares-Quarterly-Dividends-on-Preferred-Shares
Boy it’s a good thing themajor rating agencies don’t rate B. Riley….. I think RILY would hate to hear their interpretation of this debt reduction maneuver… They’re cutting $35 million by exchanging $123 million of senior debt for $88 million of junior debt and additional equity vehicles……
It’s fun to watch a flailing investment bank try to dig itself out of a hole, isn’t it?
Maybe someday they’ll even get current with their reporting obligations.
B. Riley continues to chip away at its debt…good news for investors in RILYK and to a lesser extent RILYG.
Sound Point Meridian Capital preferred Series B (SPMB?) incoming:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1930147/000182912625002029/soundpointmeridian_n2.htm
Ken,
It’ll be some other ticker. SPMB is the SPDR Portfolio Mortgage Backed Bond ETF.