(Bloomberg) -- American Airlines Group Inc. is set to raise $1.94 billion by selling equity and convertible bonds later this week after increasing the size of both offerings.The stock sale, at $13.50 a share, will generate about $1 billion, American said in a statement Tuesday, confirming details reported by Bloomberg News. That’s a discount of almost 16% compared with the closing price before the deal launched and 9.5% from American’s closing price Monday.The airline also is marketing $1 billion in convertible notes due 2025 with a 6.5% coupon and a conversion price of about $16.20 a share. That’s 20% premium over the price in the share offering. The net proceeds for American from both sales include underwriting discounts and other offering expenses.The deals underscore the broad range of tools that airlines are using to bolster liquidity after a travel collapse caused by the Covid-19 pandemic. American also is offering $1.5 billion...
Stock extended gains Tuesday morning, following global equities higher as hopes for a coronavirus vaccine rose and U.S.-China trade fears dissipated....
(Bloomberg) -- Overstock.com Inc. became a household name as an e-commerce pioneer, but in recent years excitement in the investment community was focused more on the company’s blockchain efforts. The pandemic has changed all that.With demand from online shoppers soaring, sales at Overstock’s retail business have helped transform a moribund stock to one of the Covid-era’s best performers, an irony for a unit that had long been considered for sale. Overstock shares have gained nearly 11-fold since closing at a record low on March 16, vaulting the company into the top five stocks in the Nasdaq Composite Index over that period. With virus cases on the rise again in the U.S., that trend is showing no signs of slowing.“This is an e-commerce pandemic play on steroids,” said Tom Forte, an analyst at D.A. Davidson. He is one of the few analysts on Wall Street to track the stock, which gained another...
(Bloomberg) -- To understand why physical crude oil prices are rising across Europe, look to Russia.The country, one of the world’s largest producers, is curbing its exports to multi-year lows. That’s helped to increase demand for other European grades and recently boosted their values in the market where actual barrels of oil are traded.Combined shipments of Urals crude from Russia’s Baltic and Black Sea ports are set at about 880,000 barrels a day in the first 10 days of July, according to Bloomberg calculations from loading programs. If that rate holds for the remainder of the month, it would be the lowest since at least 2008. The curbs come as the nation reduces supply under the OPEC+ pact that’s seeking to eliminate a global glut with demand still muted due to the coronavirus pandemic.Derivatives contracts for Russia’s flagship grade soared to a premium of more than $2 a barrel to the...
