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Ingenovis Health Inc. has increased its proposed phased first mortgage by $50 million to $150 million, sources said. New commitments are due today by 5:00 PM ET.

The add-on is offered at 99.75 and is fungible with the existing Covenant Lite first mortgage due March 2028 at a price of L+375 and a Libor floor of 0.75%. At the time of discussion, the yield to maturity is approximately 4.63%. There is no call protection.

Medborgare and UBS are joint principal brokers in the deal. The citizen is an administrative official.

The balance will be used to finance an acquisition.

The revolving loan was $525 million when it was originally placed in March to support the acquisition of Trustaff Management Inc. as well as Fastaff Travel Nursing and U.S. to support. Nursing Corp. from Cornell Capital and Trilantic North America. The borrower was formerly CCRR Parent Inc.

The business and facility rating is B/B2 with a stable outlook and the credit recovery rating is 3 from S&P Global Ratings.

Ingenovis provides traditional travel care, rapid response and emergency preparedness services to a broad base of healthcare facilities, including hospitals, nursing centers and senior living facilities throughout the United States.

Our annual analysis of large copper deposits has identified 239 copper deposits discovered between 1990 and 2023, with 1.315 billion tonnes of copper in reserves, resources and past production.

We have replenished six deposits which now reach our threshold of at least 500,000 tonnes of copper. According to an updated resource report, we also removed one discovery that fell below this threshold, resulting in a net gain of five discoveries on this year’s list.

The amount of copper discovered increased by 4%, or 61 million tonnes, in this year’s analysis. Most of the increase is due to the expansion of older deposits, with deposits found in the 1990s accounting for 70%, or 43 million tonnes,

of the total growth. Although exploration budgets increased by 12% in 2023, we recorded only four deposits totaling 4.2 million tonnes of copper over the past five years (2019-2023), reflecting the downward trend in the rate and size of major deposits over the year. last decade.

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ingenovis health term loan

The discovery dataset created by S&P Global Commodity Insights includes all deposits containing at least 500,000 tonnes of copper in reserves, resources and past production.

The year of discovery corresponds to the year of the initial drilling program that identified potentially economic mineralization, ultimately resulting in a definition of copper in reserves and resources that meet or exceed our largest discovery threshold criteria.

The focus continues to be on older known deposits

The trend of declining large new copper discoveries continued into 2023. Discoveries from the last decade account for only 14 of the 239 discoveries included in the analysis.

The embodied volume of these deposits represents only 46.2 million tons, or 3.5% of the total copper in large deposits since 1990. Since new deposits naturally take longer to develop,

this volume may well increase in the coming years, and several discoveries are increasingly likely to be above our threshold for being considered major discoveries. But recent discoveries will certainly not reach the scale or abundance of the 1990s.

The lack of new discoveries is a direct result of the industry’s continued focus on brownfield assets – the expansion of known deposits and assets – rather than generative exploration that can produce entirely new discoveries.

The base’s share of the copper exploration budget was typically between 50% and 60% during the 1990s and early 2000s. In the 2023 CES survey, early exploration registered just 28%, the lowest level ever.

To make matters worse, despite a strong copper price, the dollar copper exploration budget is well below the levels of a decade ago. The 2023 copper exploration budget was 34% below the 2012 peak Adjusted for inflation, the difference is even greater.

Our first resource database offers a glimpse of the future: 15.9 million tonnes of new copper from initial resource announcements over the past six years. These deposits have

 

Asia Pacific came second with 21% of the world’s discovered copper, thanks to several world-class assets such as Oyu Tolgoi (Hugo Dummett) in Mongolia, Grasberg (Kucing Liar) in Indonesia and, more recently, Reko Diq in Pakistan.ingenovis health term loan

The US and Canada came in third with 10% of the copper discovered. Top stocks like Resolution and Safford account for significant volume in our list. But the region’s biggest discovery,

Pebble, has been hampered by regulatory issues and public opposition, making its prospects uncertain. B.C.-based Seabridge Gold Inc.’s KSM (Mitchell) and KSM (Iron Cap) face a similar dilemma.
Africa has dominated the past decade

While Latin America accounts for the lion’s share of the copper deposits on our list, the majority, both in volume and number of discoveries, were made in the 1990s and 2000s.

Looking at the last decade, Africa is the clear leader, accounting for well over 56% of the copper discovered during this period – almost double that of Latin America. This is largely due to the discoveries of Ivanhoe Mines Ltd. attributed. The Kamoa-Kakula deposit and the western shoreface in the Democratic Republic of the Congo in 2014 and 2017, respectively.

If you look at the list of the top 10 discoveries of the last decade, only a few have the potential to supply the global market with a significant amount of copper. At 19.8 million tonnes of copper, Kakula is by far the largest discovery of the past decade and, at 2.58%, has one of the highest grades of any discovery since 1990.

The five-year outlook in our latest Commodity Briefing Service report shows a significant shortage of refined copper starting in 2027. The most pressing issue, however, is the concentrate market, which we believe is currently strained and will remain so for the next five years.

Copper prices have responded to this dynamic, recently exceeding $10,000 per tonne, and processing costs have fallen to record lows. Looking ahead, as noted in our updated copper project pipeline report, we expect mine supply to peak in 2029 and forecast a potential concentrate shortage of 2.2 million tonnes by 2032.

Our current analysis of delivery times suggests that closing this supply gap will not be easy. The average lead time – from discovery to production – for mines brought into operation between 2005 and 2009 was 12.7 years and has continued to grow to date. For mines that started production in 2020-2023,

the average lead time increased to 17.9 years, reflecting a longer exploration, permitting and research phase and a longer period between the end of feasibility studies and the start of construction. This is due to the time spent obtaining financing and planning permission.ingenovis health term loan

Of the 239 larger deposits included in the find analysis, 148 are not yet in production, of which 121 have not yet completed feasibility studies. Only 15 have completed building plans and started development.

This means that not only are the new deposits smaller, but also the number of finds to be discovered decreases. Given the stage of development of many probable assets, production from these mines may not come to market quickly enough to mitigate expected shortfalls.

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We are pleased to announce that research from Robert W. Baird & Co. Incorporated, one of America’s leading providers of investment research, is now available exclusively in the S&P Global Aftermarket Research collection.

Baird’s 40+ senior analysts cover more than 700 companies and provide industry overviews, company-specific forecasts and recommendations, and in-depth thematic insights. Baird regularly features in Coalition Greenwich’s ranking of the top US research firms.

“Delivering actionable, world-class research through our integrated platform and analytical tools is critical to the value we deliver to our clients every day,” said Warren Breakstone, head of S&P Capital IQ Pro Solutions, S&P Global Market Intelligence.

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Baird Research

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