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General Electric Co. (GE) said it reopened portions of its prior debt offerings as it seeks to raise $3 billion in total proceeds to bump up its cash buffers to cope with the coronavirus crisis.The company said the reopening was in “response to a reverse inquiry from a long-term strategic investor”. Shares rose 7.4% to $8.46 on Monday.GE expects to use these proceeds to reduce shorter-duration debt, including repaying a portion of GE’s intercompany debt obligations to GE Capital and lower GE Capital’s outstanding debt obligations.“The combination of transactions is expected to be leverage neutral over time,” the company said …read more […]

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(Bloomberg) — Libya’s battered oil industry suffered another blow as the conflict-ravaged North African country’s biggest field closed less than two days after resuming following a five-month halt.Work at the Sharara deposit in the southwest has stopped, according to people with knowledge of the matter who asked not to be identified as the information isn’t public. Armed men had entered the field on Monday and told employees to end activities.The setback threatens a revival of exports from Libya, which has been producing almost no crude since January because of a civil war that led to almost all its ports and …read more […]

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Shares in Macy’s, Inc. (M) spiked 15% in Monday’s after-hours trading after the company announced the closing on approximately $4.5 billion of new financing.This included its previously announced $1.3 billion of 8.375% senior secured notes, as well as a new $3.15 billion asset-based credit agreement.In addition, the company has amended and substantially reduced the credit commitments of its existing $1.5 billion unsecured credit agreement. Macy’s intends to use the proceeds of the notes offering, along with cash on hand, to repay the outstanding borrowings under the existing $1.5 billion unsecured credit agreement.With the closing of these financings, M now expects …read more […]

(Bloomberg) — European stocks and U.S. futures edged lower, as momentum slowed in risk assets after a historic rally. Treasuries advanced.The Stoxx Europe 600 Index opened with declines in banks undercutting gains in travel shares. Asian shares continued higher, just hours after investors pushed the S&P 500 Index back into positive territory for 2020. The dollar strengthened for the first day in nine sessions.With global equities rebounding to their levels in February, concern that the bounce back has far overshot the economic recovery continues to weigh on investors. The World Bank warned the global economy will contract the most since …read more […]

Gilead Sciences (GILD) has now filed for conditional marketing authorization (CMA) of its antiviral medicine remdesivir for the treatment of COVID-19 with the European Medicines Agency (EMA).The EMA reports that it has now formally started its evaluation of remdesivir under a reduced timeline and an opinion could be issued within weeks. The speed will depend on the robustness of the data and whether further information is required, says the EMA.Such a short timeframe will only be possible because some data have already been assessed during the first cycle of a rolling review, which started on 30 April and ended on …read more […]

Shares in Beyond Meat (BYND) soared 22% after announcing a partnership with food distributor Sinodis to further expand the reach of its famous plant-based beef in China.The news sent shares up 22% to $162.46 on Monday. The financial terms of the partnership weren’t disclosed.Sinodis, a subsidiary of French group Savencia, is a distributor of imported food products to more than 4500 wholesalers, restaurant chains, and hotels in China.”Our goal is to increase availability of plant-based meat globally, providing consumers with more choices, and access to nutritional and environmental benefits of plant-based meat,” said Beyond Meat’s chief growth officer Chuck Muth. …read more […]