NHC beefs up BofA credit line

National HealthCare Corp. and Bank of America have agreed to a new $175 million line of credit that will replace the companies' $75 million deal, which was to have expired Oct. 21. NHC CEO Robert Adams says the new line will let his team complete the roughly $170 million redemption of their preferred shares while continuing to invest in their regular businesses. The credit line will mature on five years.

Shares of Murfreesboro-based NHC (Ticker: NHC) are changing hands this morning around $63.30, flat on the day and for the year.

Oct 8, 2015 11:04 AM

NHC buying back preferreds

$170M plan will redeem paper issued in '07 acquisition
Oct 5, 2015 7:04 AM

Surgery Partners tries to claw its way back to IPO price

At one point, stock was 26% below bottom end of targeted price range
Oct 1, 2015 12:34 PM

Cracker Barrel renews buyback plan

The board of Cracker Barrel Old Country Store has voted to renew the company's $25 million stock repurchase plan. Under the previous plan, which was for the same time and launched a year ago, the Lebanon-based restaurant and retail company didn't buy back any shares. (In fiscal 2014, it repurchased $12.5 million worth of stock.)

The $25 million set aside one more time would amount to less than 1 percent of the market value of Cracker Barrel (Ticker: CBRL), which is still up slightly year to date despite sliding from $160 in July to $143 and change Monday.

Sep 29, 2015 7:06 AM

Moody's hikes HCA debt rating

Moody's Investors Service analyst Dean Diaz has lifted his rating on the debt of HCA Holdings and its affiliates to Ba2 from Ba3. The move lifts HCA's paper to within just a few notches of being labeled medium-grade and not speculative. Diaz noted that HCA's leaders have done a good job positioning the company to benefit from the evolving health care landscape, even if the bad-debt benefits of reform are fading fast.

The rating is also supported by Moody's belief that HCA will remain disciplined with respect to debt financed shareholder initiatives given the company's publicly disclosed leverage and liquidity targets and the continued decline in the ownership and influence of its private equity sponsors. However, Moody's expects that the company will continue to return capital to shareholders through share repurchases in lieu of debt repayment.

Sep 22, 2015 2:38 PM

Genesco board votes to buy back 7% of shares

Move does not lift stock on down day for markets
Sep 22, 2015 2:21 PM

CCA to raise $200M+ in debt

Update: The notes will have a yield of 5 percent.

Corrections Corp. of America executives plan to raise nearly $250 million in seven-year debt and plan to use that money to retire almost half of the $563 million they have outstanding on their revolving credit line, which matures in mid-2020. No word yet on the interest CCA will pay on the new notes, but here's the prospectus and here's what Fitch Ratings has to say about CCA's plans. Nashville-based CCA (Ticker: CXW) has about $1.2 billion in total debt outstanding.

Sep 21, 2015 2:29 PM

Acadia announces big debt sale

Company will use some of the funding to refinance senior notes
Sep 14, 2015 12:01 PM

Delek busily buying back

Share of Delek US Holdings couldn't escape the market gyrations of the past month, when they fell more than 15 percent (Ticker: DK) to below $30. That spurred the board of the Brentwood-based energy company to kick into high gear its stock buyback program. In a Wednesday update to their investor presentation, the company's leaders say they have since Aug. 19 spent almost $21 million on their own shares. That amounts to 1 percent of the company's market value as of Aug. 18, when the stock closed at $35.40. On Thursday, they were up more than 4 percent to about $31.

Sep 10, 2015 1:51 PM

Moody's downgrades Noranda, sees little hope for '16 bounceback

Moody's Investors Service has cut its overall debt rating for Noranda Aluminum Holding to Caa1 from B3 — that translates to "poor and subject to very high credit risk" from "speculative and high risk" — and changed its outlook for the Franklin-based company to negative from stable. Analysts Carol Cowan and Brian Oak write that Noranda will see prices for its products continue to fall for the next several quarters even as some of its operating costs climb. They say there are a lot of hurdles to overcome for Noranda and don't expect to revisit their rating for at least a year.

The negative outlook incorporates our expectation that metrics will deteriorate further in the second half of 2015 and into 2016 as the company's operating results are impacted by the falling aluminum prices and premiums. It also captures the possibility that, given the weak market fundamentals, aluminum pricing will remain suppressed over the intermediate term. The outlook also reflects the uncertainty that Noranda is able to successfully improve the reliability of its smelter operations, achieve its stated cost objectives, and complete its remaining capital projects while maintaining adequate liquidity.

Aug 24, 2015 8:50 AM