Tennant Co
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Industrials : Machinery | Small Cap Blend
Company profile

Tennant Company is engaged in designing, manufacturing and marketing solutions. The Company’s products include floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, and asset management solutions. Its products are used in factories and warehouses; distribution centers; office buildings; public venues, such as arenas and stadiums; schools and universities; hospitals and clinics and other. The Company markets its offerings under various brands: Tennant , Nobles , Alfa Uma Empresa Tennant, IRIS , VLX, IPC brands, Gaomei and Rongen brands, as well as private-label brands. The Company has manufacturing locations and operations in three geographic areas, including the Americas, Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC).

Closing Price
Day's Change
2.14 (2.85%)
B/A Size
Day's High
Day's Low
(Below Average)

10-day average volume:

Carvana debt swap 'tantamount to default,' S&P says, cutting the retailer's debt ratings to CC

12:30 pm ET March 23, 2023 (MarketWatch)

Carvana Co.'s (CVNA) debt swap is "distressed" and "tantamount to default" if completed because it will result in bondholders receiving less than originally promised, S&P Global ratings analysts said Thursday. They lowered their rating on Carvana's debt to CC, from CCC+, with a negative outlook. The outlook "reflects our expectation that we will lower our issuer credit rating on the company to 'D' (default) upon the completion of the proposed exchange offer," S&P said. "Shortly after restructuring, we would raise the ratings to a level that reflects the ongoing risk of a conventional default or future distressed restructurings." Carvana is pursuing the deal because its capital structure "is unsustainable and the company has limited options to reduce its debt burden and improve its cash flow organically," S&P said. The car retailer on Wednesday updated its fiscal first-quarter guidance and launched a bond swap of up to $1 billion to stave off its cash burn. The swap reportedly lacks support from the majority of the bondholders. Carvana stock is down 94% in the past 12 months, compared with a decline of around 10% for the S&P 500 index.

-Claudia Assis

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(END) Dow Jones Newswires

March 23, 2023 12:30 ET (16:30 GMT)

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