Halvorsen agrees a $680m water metering sale that clears the March covenant test
The disposal arrives a month before management had told lenders to expect news. It removes the leverage question and leaves the 2029 refinancing exactly where it was.
Topic
capital structure
Halvorsen Industrial's 2029 notes now price a restructuring management says is not coming
The pump and valve maker has liquidity into next summer and a leverage test in March. Its unsecured bonds are trading as though only the second of those facts matters.
Northgate Bancorp's deposit repricing has undone two years of margin expansion
The bank held its net interest margin above 3.4% through the rate cycle by leaning on balances that paid nothing. Those balances have now fallen for seven consecutive quarters.
The morning brief
What moved overnight, on your screen before the open.
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