Vantry halts its acquisition programme for a year to defend an investment grade rating
Management told investors on Thursday that no further deals will close before the September 2027 quarter. The shares fell 11% because the deals were the growth.
Priya Raghunathan
Companies Editor
Priya Raghunathan edits company coverage, with a bias toward the balance sheet over the press release. She spent six years as a credit analyst covering industrials and consumer issuers, and reads a cash flow statement faster than most people read a chart. Her reporting focuses on refinancing walls, covenant terms and the gap between adjusted earnings and cash.
- Beat
- Corporate earnings, credit and capital structure
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- New York
- Joined
- February 21, 2022
- Stories
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- Credit analysis
- Earnings quality
- Leveraged finance
- Mergers and divestitures
Filed by Priya Raghunathan
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.
Cumberland Vale Power files a large load tariff that makes datacentre tenants pay to leave
The filing asks for fifteen year minimum take commitments, collateral scaled to contracted demand, and an exit obligation that survives the customer walking away. Two neighbouring utilities have filings that look almost identical.
- CVPW
- MGRD
- US10Y−1.51%
Strip out the acquisitions and Vantry Group has not grown in three years
The distribution roll-up reports double digit revenue growth every quarter. A like for like read of its own disclosures puts underlying volumes slightly below where they stood in 2023.
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.
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