1.1100 -0.00 (-0.45%)
Pre-Market: 8:14AM EDT
|Bid||1.1200 x 36200|
|Ask||1.1500 x 3200|
|Day's Range||1.0800 - 1.2400|
|52 Week Range||0.2600 - 8.1900|
|Beta (5Y Monthly)||2.66|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jun. 08, 2020 - Jun. 12, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||2.25|
(Bloomberg) -- Party City Holdco Inc., the retailer that has been trying to reduce its $2 billion debt load as social distancing scraps celebrations, will try to convince creditors to sign a deal that would trim its borrowings and inject fresh cash into the company.The company reached an agreement with holders of more than 52% of its bonds that would give them a mix of equity in the business and new notes, according to a Party City statement Friday. The deal would still need the approval of 98% of its bondholders before completion.“The agreement announced today demonstrates the confidence of certain of our bondholders in our strategy and leadership team, and we appreciate their support for our long-term success,” Chief Executive Officer Brad Weston said in the statement.Party City has been working with restructuring experts from AlixPartners LLP to cut debt after poor Halloween sales and last year’s helium shortage, which cut into balloon sales. The Covid-19 pandemic hit the company in two ways: shutdowns across the country closed its retail outlets and prohibitions against gatherings may have cut demand for its products.The company owns some of its stores and franchises others. Earlier this week, a group of stores owned by a Party City franchisee in North Carolina filed bankruptcy, blaming the pandemic-related shutdown of businesses. No Party City owned store has filed bankruptcy, the company said.The company did not say what would happen if it misses the 98% threshold, according to an email response to questions. “Party City has no plans to file for bankruptcy at this time, and the agreement with certain of the company’s bondholders does not contemplate a bankruptcy filing,” the company said.The chain found a niche when it first opened in 1986, with its vast repositories of disco balls, streamers and Santa hats. But its goods are now available online and at mass merchant competitors. Still, it is bolstered by its wholesale business.In March, it said it was suspending its 2020 guidance as it shuttered stores amid the virus. It had a loss of $533 million last year.The deal, which the company said would cut its debt by about $450 million and raise $100 million of new capital, was struck with some holders of the company’s 6.125% notes due in 2023 and its 6.625% bonds due 2026. Bondholders would get:Shares of Party City representing nearly 20% of outstanding common stockAbout $100 million of new second-lien 10% notes due in 2026 that would be issued by a newly formed subsidiary$185.0 million of variable rate senior secured notes due 2025 to be issued by the parent companyThe company is also launching a rights offering and private placement that in all would raise about $100 million of new capital from the sale of 15% notes due 2025. That includes a private transaction with Barings to purchase $40 million of the first-lien notes.After the announcement, shares of Party City soared 78% to $1.82 in pre-market trading Friday before retreating to $1.44 at 11:21 a.m.(Adds company response in the sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Party City Holdco Inc. (the “Company” or “PCHI”; NYSE: PRTY) today announced a Transaction Support Agreement (the “TSA”) with holders (the “Consenting Noteholders”) of more than 52% of the aggregate principal amount of the 6.125% Senior Notes due 2023 (the “2023 Notes”) and the 6.625% Senior Notes due 2026 (the “2026 Notes” and, together with the 2023 Notes, the “Existing Notes”). The contemplated transactions (the “Transactions”) are expected to deleverage the Company’s balance sheet by approximately $450 million and the Company intends to raise $100.0 million in new capital to increase its financial strength and support PCHI’s global operations and ongoing transformation initiatives.
Party City (PRTY) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Party City Holdco Inc. (the “Company” or “PRTY”; NYSE:PRTY) today announced that it received notification from the New York Stock Exchange (“NYSE”) on April 9, 2020 that the Company is no longer in compliance with NYSE continued listing criteria that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. Under NYSE’s rules, the Company has a period of six months from receipt of the notice to regain compliance with the NYSE’s minimum share price requirement. In order to regain compliance, on the last trading day of any calendar month during the cure period, the Company’s shares of common stock, $0.01 par value per share (the “Common Stock”), must have (i) a closing price of at least $1.00 per share and (ii) an average closing price of at least $1.00 per share over the 30-trading day period ending on the last trading day of such month.
Party City Holdco Inc. (the “Company” or “PRTY”; NYSE:PRTY) today announced additional measures it is taking in response to the current business environment created by COVID-19. As previously announced on March 27, 2020, the Company extended the temporary closures of its stores until further notice. The Company’s e-commerce site, www.partycity.com, remains fully operational and the number of stores offering curbside pickup continues to expand.
Party City Holdco Inc. (the “Company” or “PRTY”; NYSE:PRTY) today provided a further update on its response to COVID-19. The Company announced today that it is extending the temporary store closures of its corporate owned and operated retail locations in the United States. The Company will continue to evaluate health conditions and will take into account available guidance provided by federal, state, and local government officials when making decisions to reopen stores.
ELMSFORD, N.Y., March 18, 2020 -- Party City Holdco Inc. (the “Company” or “PRTY”; NYSE:PRTY) today announced it will temporarily close its corporate owned and operated retail.
If you own shares in Party City Holdco Inc. (NYSE:PRTY) then it's worth thinking about how it contributes to the...
ELMSFORD, N.Y., March 12, 2020 -- Party City Holdco Inc. (the “Company” or “PRTY”; NYSE:PRTY) today announced financial results for the quarter and year ended December 31,.
ELMSFORD, N.Y., Feb. 27, 2020 -- Party City Holdco Inc. (NYSE:PRTY) today announced that its fourth quarter and full year 2019 financial results will be released prior to.
LOS ANGELES, CA / ACCESSWIRE / February 18, 2020 / The Schall Law Firm , a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Party City Holdco ...
LOS ANGELES, CA / ACCESSWIRE / February 11, 2020 / The Schall Law Firm , a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Party City Holdco ...
LOS ANGELES, CA / ACCESSWIRE / February 10, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Party City Holdco Inc. ("Party City" or "the Company") (NYSE:PRTY) for violations of the securities laws. The investigation focuses on whether Party City issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
LOS ANGELES, CA / ACCESSWIRE / February 4, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Party City Holdco Inc. ("Party City" or "the Company") (NYSE:PRTY) for violations of the securities laws. The investigation focuses on whether Party City issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
Party City Holdco Inc. (PRTY) today announced that Todd Vogensen has been appointed as Chief Financial Officer of Party City Holdco Inc. (“PCHI”), effective February 3, 2020. Mr. Vogensen brings nearly three decades of financial management expertise to the executive team, having played a pivotal role in strategically growing multiple U.S. public consumer companies. In his new role at Party City Holdco Inc., Mr. Vogensen will report directly to James M. Harrison, Chief Executive Officer of PCHI, and will oversee all aspects of finance, business development and investor relations while helping to develop and execute the Company's multi-channel growth strategy.
ELMSFORD, N.Y., Jan. 07, 2020 -- Party City Holdco Inc. (NYSE: PRTY) today announced that the Company is scheduled to present at the 2020 ICR Conference in Orlando, Florida, on.