Fertilizer maker Terra Nitrogen won't be renewing its three-year-old accounts receivables securitization facility when it expires in August.
The facility, made possible from parent company Terra Industries Inc., will impact the firm's bottom line, since it will have to repurchase any previously securitized receivables not yet matured.
The firm said the selling of its distribution arm meant further receivables would be dwindling, therefore making the conduit unnecessarily expensive. - TC
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
