Alta, Wyoming--(Newsfile Corp. - March 26, 2026) - Cannell Capital LLC - Cannell Capital LLC ("CC") sends this letter to Rackspace and its shareholders."That quirky investment company which has managed private investment partnerships continually since the good summer of 1992 - brings forth to the public the letter by Mr. Gajen Kandiah, CEO of Rackspace Technology, Inc. in response to our "icebergs ahead" warning."The dance is over. The punchbowl has been removed. "Between credit and equity, our money is wi ...

Peloton’s improving profitability offsets questions around subscriber growth, UBS says Proactive uses images sourced from Shutterstock Peloton Interactive Inc (NASDAQ:PTON)’s improving profitability and cash flow profile is helping strengthen its financial position, though questions around subscriber growth and demand trends continue to weigh on sentiment, according to UBS. The firm noted that Peloton is trading at below 4x EV/EBITDA as it approaches a run-rate EBITDA of more than $500 million. UBS said t ...

Summit Midstream Corporation Fourth Quarter and Full-Year 2025 Results & 2026 Guidance March 16, 2026 Forward-Looking Statements, Legal Disclaimers & Use of Non-GAAP Investors are cautioned that certain statements contained in this presentation are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, any statement that may project, i ...

Core Viewpoint - Vedanta Limited has successfully raised ₹2,575 crore through a three-year bond sale, with a coupon rate of approximately 8.95%, influenced by market volatility and geopolitical tensions [7]. Group 1: Bond Issuance Details - The bond issuance was arranged by Barclays and Citigroup and targeted institutional investors, including mutual funds [7]. - Initially, the bonds were expected to be priced at around 8.75%, but increased spreads due to geopolitical tensions and fluctuations in government bond yields led to a higher coupon rate [7]. - The transaction is structured as a three-year non-convertible debenture issuance, with the potential to raise over ₹2,000 crore if demand remains strong [7]. Group 2: Financial Position and Leverage - Vedanta has been actively issuing bonds in domestic debt markets to refinance existing liabilities and manage upcoming maturities [2][7]. - The company's leverage has remained high due to consistent dividend outflows to its UK-based parent, Vedanta Resources Limited (VRL), which relies on these payouts to service annual interest obligations of ₹5,000 crore to ₹5,300 crore [6][7]. - As of March 2024, Vedanta's net leverage was 3.2 times, slightly down from 3.4 times the previous year, but still elevated [6][7]. - Improved earnings and a reduction of net debt to ₹1.11 lakh crore in fiscal 2025, including VRL debt of ₹0.42 lakh crore, have led to a decrease in consolidated net leverage to 2.55 times in fiscal 2025 from 3.2 times in fiscal 2024 [6][7].

Core Insights - Accord Financial Corp. has completed the sale of certain loans from its US subsidiary, generating gross proceeds of approximately CAD 8.4 million (USD 6.1 million) as part of its strategic plan to divest non-core assets and refocus on the Canadian market [1] - The company has reduced its bank indebtedness by approximately CAD 38.2 million (USD 27.8 million) since December 2025 through additional loan sales and repayments [1] - The company is actively pursuing further transactions to divest remaining US portfolio assets to repay outstanding debt obligations [1] Financial Strategy - The sale is a key component of Accord's strategy to refinance its outstanding debt and streamline its business operations [1] - The maturity of the senior secured revolving credit facility has been extended to March 31, 2026, and the total commitment has been reduced from CAD 190 million to CAD 160 million [2] - The company has also extended the maturity of its outstanding debentures to July 31, 2026, as part of its refinancing efforts [1] Management Commentary - Simon Hitzig, President & CEO of Accord, expressed satisfaction with the completion of the deal, emphasizing the company's focus on its Canadian business while ensuring that US clients are well taken care of [1]

Core Viewpoint - American Public Education, Inc. has completed a refinancing transaction, securing a new $130 million senior secured credit facility, which is expected to enhance liquidity, reduce borrowing costs, and support growth initiatives [1] Group 1: Refinancing Details - The new credit facility consists of a $90 million senior secured term loan and a $40 million senior secured revolving credit facility [1] - The refinancing reduces the company's borrowing spread by 375 basis points based on current leverage levels, leading to approximately $3.7 million in annual interest savings [1] - The new facility matures on March 9, 2031, and includes a revolver commitment fee ranging from 0.20% to 0.35% [1] Group 2: Financial Impact - Proceeds from the new facility were used to refinance an existing $20 million senior secured revolving credit facility and to repay approximately $96.4 million of a prior $175 million senior secured term loan [1] - The transaction reduces the company's total outstanding debt and extends its maturity by over four years, providing increased liquidity and flexibility for growth investments [1] - The company anticipates a one-time loss on extinguishment of debt of approximately $1.6 million in Q1 2026, primarily due to the write-off of unamortized deferred financing costs [1] Group 3: Company Overview - American Public Education, Inc. serves approximately 109,000 students through its institutions, including American Public University System, Rasmussen University, and Hondros College of Nursing [1] - APUS is recognized as a leading educator for active-duty military and veteran students, serving around 89,000 adult learners [1] - Rasmussen University focuses on nursing and health sciences, serving approximately 15,900 students across 18 campuses [1]

Core Viewpoint - Cogent Communications is implementing a $750 million secured refinancing plan and restructuring to enhance its financial position and collateral for lenders while targeting growth in its wavelength business Financial Structure and Debt - The borrower group has three tranches of debt: $623 million in capital/finance lease obligations, $600 million in secured debt, and $750 million in unsecured debt, with restrictions on secured leverage (no more than 4x) and total leverage (no more than 6x) [1] - Cogent has been a high-yield issuer since 2010, with a structure that includes Cogent Holdings above two subsidiaries: "Group" for operations and high-yield debt, and "Infrastructure" for asset-backed securitized IPv4 leasing with $380 million in ring-fenced debt [2] - The company is currently at 6.6x net leverage and has cut its dividend by 98% from $1.01 to $0.02 per share, with no material equity buybacks planned until leverage reaches 4x [10] Restructuring Plan - The restructuring involves four steps to refinance $750 million of unsecured debt with secured debt, improving the collateral position for bondholders [6][7] - The steps include moving IRU-related liabilities into a subsidiary, splitting leases by geography, selling North America/Western Europe leases to Infrastructure, and leasing back the fiber for 10 years [8] - The new $750 million secured debt will sit pari passu with existing 6.5% secured debt maturing in 2032, with a temporary extension of existing bonds by one year [9] Wavelength Business Growth - Cogent targets a $500 million run-rate in its wavelength business by mid-2028, despite generating approximately $40 million last year, citing a North American total addressable market of about $2 billion [4][15] - The company has expanded its targeted footprint from 800 to 1,096 data centers, delivering Waves to 518 sites and about 200 unique customers, with a year-over-year growth of 100% in the wavelength business [16] Data Center Sale Process - Cogent is in discussions to sell 10 data centers, with buyer interest reportedly exceeding $144 million, to enhance credit for the Group [5][12] - The sale is not required for refinancing, but proceeds will be committed to the Group, with cash trapped subject to restricted payment tests [11] - The primary gating item for the sale is confirmatory due diligence on power availability, with the buyer validating confirmations and conducting environmental work [13]

Group 1 - Vedanta Ltd plans to raise approximately ₹3,000 crore through a domestic bond issuance to refinance upcoming obligations and improve liquidity [4] - The three-year bonds are expected to carry a coupon of around 8.75%, while the five-year notes may offer roughly 9% [4] - Barclays Plc and Citigroup Inc are acting as arrangers for the bond transaction, which could be launched as early as next week targeting domestic institutional investors [4] Group 2 - Vedanta is undergoing a demerger of its aluminium, oil and gas, power, and iron and steel businesses into separate standalone listed entities, expected to conclude by the end of the financial year [4] - The National Company Law Tribunal (NCLT) approved the demerger scheme under sections 230-232 of the Companies Act on December 16, 2025 [3] - The listing of the five spun-off entities is anticipated to be completed by the first quarter of 2026-27 [4]

Core Insights - AMC Entertainment Holdings Inc shares are experiencing an upward trend, supported by improved risk appetite in the U.S. equity market [1] Financial Performance - AMC reported fourth-quarter revenue of $1.29 billion, slightly down year-over-year but exceeding Wall Street forecasts [2] - The adjusted loss was 18 cents per share, aligning with estimates, while per-patron food and beverage spending reached record levels despite a decline in attendance [2] - Management noted mid-single-digit revenue growth and a double-digit increase in adjusted EBITDA for 2025, indicating the company is outpacing the broader box office [3] Future Outlook - For 2026, AMC is planning a heavier release schedule with major franchise titles, premium large-format screens, loyalty programs, and exclusive concessions to enhance box-office performance and earnings [4] - The company is pursuing a $1.73 billion private notes offering and a new term loan to refinance existing debt and extend maturities, which could provide more financial flexibility [5] Stock Performance - AMC's share price has shown a steady decline over the past year, dropping from nearly $4 in spring 2025 to around $1 by early March, with a 12-month high of approximately $4.01 and a low near $1.13 [6] - As of Wednesday, AMC shares were up 7.08% at $1.21, close to its 52-week low of $1.10 [7]

Core Viewpoint - The company is exploring the possibility of refinancing its unsecured debt with secured debt, which was clarified during a recent conference following an earnings call [1] Group 1: Business Overview - The discussion began with a focus on the company's business operations before transitioning to debt-related topics, particularly refinancing strategies [1] Group 2: Debt Refinancing Strategy - The CEO provided insights on the intended approach for refinancing, addressing previous uncertainties regarding the process [1]