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Tag: SSP Stock

  • Scripps (SSP) Shares Surge Following Strategic Financial Moves

    Scripps (SSP) Shares Surge Following Strategic Financial Moves

    As of the most recent check today, The E.W. Scripps Company (NASDAQ: SSP) shares have increased 32.44% to $2.72. This expansion is the result of important financial agreements that will change the course of its business in the future.

    Agreement on Strategic Debt Restructuring

    With lenders that own more than 70% of the principal balance of its tranche B-2 and B-3 term loans—which are due in May 2026 and June 2028, respectively—Scripps has signed a transaction support agreement (TSA).

    The purpose of this arrangement is to provide the business more financial flexibility by extending or restructuring up to $1.3 billion in current debt. Lenders can swap their current loans for new B-2 and B-3 term loans with longer maturities, such as a combination of term loans with June 2028 and November 2029 maturity dates.

    New Sources of Funding to Boost Liquidity

    To increase its liquidity, Scripps has obtained fresh funding commitments in addition to the TSA. In order to create a new $450 million securitization facility, SSP has signed contracts with providers of accounts receivable securitization. The current B-2 term loans will be partially repaid using the income from this facility.

    In order to guarantee that the business has the cash on hand to support its continuous strategic initiatives, Scripps has also signed a commitment letter with its revolving banks to extend a portion of its revolving credit facility until July 2027.

    Improved Financial Statement and Prospects

    Scripps is making these financial moves as part of a larger initiative to fortify its balance sheet and make it possible to carry out its long-term plan. SSP anticipates having a stronger financial base when these deals are finished, which will enable it to concentrate on enhancing operational efficiency and lowering its debt load.

    Scripps (SSP) is in a position to complete its transformation and position itself for future development now that its financial obligations have been reduced and its liquidity has been assured. It is anticipated that the deals would be finished by April.

  • Top Pre-Market Performers Even as Fed Chairman Statement Dampens Markets

    Top Pre-Market Performers Even as Fed Chairman Statement Dampens Markets

    The markets are headed for a weak start to the day, as all the key indices are in the red pre-market.  This follows the announcement by the Fed chairman Jerome Powell that the Federal Reserve had done everything it could to try and hold the economy together.

    The announcement by the Fed Chairman was backed by other policymakers who also called for a fiscal stimulus from the government to help rejuvenate the economy. While a stimulus package can help breathe life into the economy, investors are not optimistic that it can happen any time soon. The pessimism is compounded by the fact that COVID-19 cases are not slowing down. COVID-19 deaths in the U.S have hit 200k and counting.

    Across the Atlantic, in Europe, some economies are going back into lockdown. Essentially this means that the world is not close to a solution and the economy may take longer to recover. This is weighing heavily on the markets and are likely to impact on stocks in the day and could see most trade-in negative territory. Nonetheless, there is some good news in the market that is pushing up some stocks pre-market.

    The governor of California has announced that the State will ban all carbon-emitting vehicles by the year 2035. This announcement has sent renewable energy and EV stocks rocketing pre-market. Besides EV stocks, companies with positive news are rocketing too, as investors chase gains in a sluggish market. Some of the top performers this morning are as below:

    Sunworks Inc [NASDAQ: SUNW]

    Sunworks Inc is a top performer pre-market and is up by over 500%. This company deals in photovoltaic systems and is based in California. This makes it uniquely positioned to grow its market share as structural changes brought about by this policy drive up the demand for e-mobility. The company also stands to benefit from the fact that the world is increasingly shifting towards renewable energy as the effects of climate change become more apparent.

    Just Energy Group [NYSE:JE]

    Just Energy Group Inc is a top performer pre-market and is up by over 80%. This follows the company’s announced an update for its closing plan of arrangement.  The company stated that it had got approval from the FERC for this transaction that is aimed at recapitalizing the company. This seems to have created lots of excitement in this stock in early morning trading.

    The E.W Scripps Company [NASDAQ: SSP]

    This stock is a top performer this morning and is up by over 50% pre-market. This follows the company’s announcement that it’s an affiliated company was given the national Emmy award at the National Academy of Television Arts & Sciences.