S&P Global Ratings affirmed Vista Global Holding at B+ this week while keeping the outlook negative. But let’s not mistake a held rating for a clean bill of health. The agency's own FFO-to-debt threshold, the metric it uses to anchor a B+ rating, is still being missed. S&P now conditions the B+ on Vista achieving a weighted-average FFO-to-debt ratio above 10% in 2026 and 2027, successfully refinancing its $500 million senior unsecured notes maturing in May 2027, and avoiding further … Continue
9 Apr
VistaJet’s IPO Pitch Looks a Lot Like a Liquidity Fix
Vista Global is talking to bankers about an IPO while telling investors the market is not open to refinancing its near-term debt. On an April 7 investor call, CFO Charlotte Colhoun said Vista will not get favorable terms to refinance its 2027 maturity in the current market and that the company is keeping its options open, while also confirming discussions around a potential public listing. The two messages were delivered in the same conversation, even as the company’s unsecured bonds … Continue
5 May
How to SLAPP Back: My Win Against a Serial Stock Fraudster and the Legal Thugs He Rode In With
by Teri Buhl – certified SLAPP-back queen Barry C. Honig — yes, that Barry, the penny stock playboy with a SEC rap sheet longer than a 10-K—sued me in 2021 for reporting on his alleged hijinks in the pink sheet circus. My offense? Daring to write the truth about his shady dealings in Majesco Entertainment […]
Continue28 Apr
The never ending cannabis conman: El Capitan’s Andrew Nash
Andrew Daniel Nash, the founder of cannabis cash management company El Capitan Advisors, is described by former associates as an alleged con artist who siphoned millions of dollars from his own cannabis industry clients to fund his lifestyle after his initial plan to bring banking services to the sector collapsed. This is the third installment […]
Continue18 Mar
VistaJet selling more debt- Equity holders get cash
This story has been updated with Vista’s 2024 full year private financials Private jet company VistaJet is attempting to raise $500 million in new money via a six year term loan B, according to an investor presentation, that allows for a $100 million distribution to equity holders. Pricing for the proposed term loan has not […]
Continue4 Mar
A Class A Hit Piece – Thames Water
This story has been updated The Thames Water creditor on creditor violence playbook has taken some real nasty tactics this week to include a non-combatant as the Court of Appeal hearing nears. It appears one group of creditors set course on a hit list agenda against a liberal-dem MP, Charlie Maynard, who gathered together a […]
Continue21 Feb
Ernest Health: Redefining a ‘quality’ MPT hospital operator – $MPW
by Teri Buhl Medical Properties Trust ($MPW) secured over $2 billion in new debt funding last month by putting up what it called ‘quality hospital operators’ leases as collateral and a few concentrated funds who held long positions in the company bought into it at only an 8.5% coupon. The deal out maneuvered and shocked […]
Continue7 Feb
Victoria PLC’s debt refi is a battle of gamesmanship – $VCP
by Teri Buhl This story has been updated Most creditors for Victoria PLC, a London based flooring company, have been left in the dark for two weeks after Octus (Reorg) reported loose details on a potential uptier in conjunction with an amend and extend offer was made for its €500 million bond due in 2026. […]
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