Barron's on Netflix, Inc.
Apr 24, 2018 - "According to estimates of KDP Investment Advisors, a Montpelier, Vt., high-yield research firm, Netflix will have negative free cash flow of $2.39 billion in 2018, up from $2.02 billion in 2017."
- Terrence Dwyer, Analyst

Barron's on Valeant Pharma
Mar 12, 2018 - "KDP Investment Advisor’s Mark McCabe writes that he viewed the move and the pricing as a positive for Valeant’s credit, as the offerings “extend the company's maturities and are leverage neutral."
- Mark McCabe, Analyst

Bloomberg on Cumulus Media
Nov 16, 2017 - "Cumulus Media's restructuring proposal is not "likely to pass muster" as the company exchanges terms with lenders for a prepackaged Chapter 11 filing, KDP analyst Barbara Cappaert wrote in a note dated Nov. 16."
- Barbara Cappaert, Analyst

The Wall Street Journal
Aug 09, 2017 - "“This [Tesla] is basically an equity story,” said Michael Cazayoux, a high yield analyst at KDP. “The bond market is more of a professional market and we’re looking at it from credit metrics.”"
- Michael Cazayoux, Analyst

Bloomberg on Arconic Inc.
Jun 26, 2017 - "Construction is a decent-sized part of Arconic’s business, though it isn’t their focus,’’ said Mike Cazayoux, a credit analyst at KDP Investment Advisors. “The real problem here is the potential liabilities from not only the deaths in and of themselves, but also the cost of retrofitting other buildings with the panels. Those factors could have a credit impact.’"
- Michael Cazayoux, Analyst

Bloomberg on Rent-A-Center
May 02, 2017 - "Bond research firm KDP raises Rent-A-Center’s 2017 Ebitda forecast and says turnaround plan is off to a “good start” in a note Tuesday."
- Michael Cazayoux, Analyst

Barron's on Valeant Pharma
Mar 09, 2017 - "Valeant Pharmaceuticals International was out selling billions of dollars in notes to refinance some of its short-term maturities on Thursday. It also refinanced billions in loans. On offer were $1.25 billion of five-year notes at 6.5% and $2 billion of seven-year notes at 7%. The offer was upsized from $2 billion. Mark McCabe of KDP Investment Advisors wrote in a research note that he finds both offers attractive."
- Mark McCabe, Analyst

CBS News / Associated Press
Feb 10, 2017 - "“The equity markets continued their onward advance buoyed by President Trump’s promise to unveil a plan to reduce corporate taxes,” analysts with KDP Investment Advisors said in a note."
- Terrence Dwyer, Analyst

The New York Times on CoreCivic
Dec 03, 2016 - "Far more money — 44 percent of CoreCivic’s 2015 revenue, said Terry Dwyer, an analyst with KDP Investment Advisors — flowed from contracts for detention centers run on behalf of Immigration and Customs Enforcement and the United States Marshals Service...“The outlook for the companies really changed overnight with the election of Mr. Trump,” Mr. Dwyer of KDP Investment Advisors said."
- Terrence Dwyer, Analyst

Bloomberg News on Scientific Games
Sep 15, 2016 - "The view is different for bondholders, according to Barbara Cappaert, an analyst with KDP Investment Advisors Inc. Putting the interactive business in an unrestricted subsidiary means that cash may not be available to pay interest or reinvest in the company’s other businesses, she said. Funds could be used to buy back stock or declare a dividend."
- Barbara Cappaert, Analyst

Barron's on Sprint Corp.
Jul 27, 2016 - "KDP’s Scott Dinsdale, headlined his Tuesday report, “Sprint 1Q16 Surprising Sub Adds, But At What Cost?” noting that although subscriber growth was impressive, it came thanks to major price cuts."
- Scott Dinsdale, Analyst

Bloomberg News on Erickson AirCrane
Jun 02, 2016 - "Terrence Dwyer, an analyst at KDP Investment Advisors, downgraded the bonds to hold from buy last week, saying that while Erickson has signed deals to work with the State of Alaska, National Aeronautics and Space Administration and the U.S. Department of Defense, it hasn’t found new business to replace contracts in Afghanistan."
- Terrence Dwyer, Analyst

Bloomberg News on Altice SA
Apr 19, 2016 - "The company is taking advantage of a window that’s reopened for junk-rated borrowers to push out debt maturities, according to Spencer Godfrey, an analyst at high-yield research firm KDP Investment Advisors Inc. Yields on junk bonds have declined to as low as 8.17 percent on April 15, down from 10.17 percent in February, according to Bank of America Merrill Lynch index data. “For cable operators, credit markets have been pretty open,” Godfrey said."
- Spencer Godfrey, Analyst

Barron's on HCA Inc.
Mar 02, 2016 - "While HCA said the proceeds were for general corporate purposes, KDP Investment Advisors pointed out in a research note that HCA has been an active stock repurchaser."
- Barbara Cappaert, Analyst

Bloomberg Business on SandRidge Energy
Feb 25, 2016 - "SandRidge is likely to file for bankruptcy, analysts at junk bond research firm KDP Investment Advisors Inc. wrote in a report last week."
- Kenneth Duffel, Analyst

Bloomberg Business on Charter Comm
Feb 04, 2016 - "“The yields are attractive and the combination of the companies in the merger makes for a high quality company that should generate a ton of cash,” Spencer Godfrey, an analyst at high-yield research firm KDP Investment Advisors Inc. in Montpelier, Vermont, said in a telephone interview. “The management team has expressed a desire to have less leverage and they should be able to find synergies, which is comforting.”"
- Spencer Godfrey, Analyst

Bloomberg Business on Resolute Forest
Feb 04, 2016 - "KDP Investment Advisors is looking for a significant improvement in earnings in 2017 and 2018 following the company’s expected startup of a tissue manufacturing facility and efficiency gains, analyst Brian Bogart said Thursday in a report. Resolute should benefit from exposure to this market, “which has steadier demand and better growth prospects than the company’s other products,” he said in the report."
- Brian Bogart, Analyst

Barron's on Valeant Pharma
Oct 24, 2015 - "KDP Investment Advisors wrote last week that it doubts Valeant is using an affiliated pharmacy, Philidor, to “stuff the channel” with product, as alleged by some shorts. But, KDP added, the lack of disclosure about Philidor calls into question Valeant’s “management integrity/competence.”"
- Mark McCabe, Analyst

Barron's on First Data Corp.
Oct 17, 2015 - " The $2.5 billion in offering proceeds fell short of management’s expectations of $3.5 billion, as well as those of KDP Investment Advisors, a Montpelier, Vt., high-yield analysis outfit. Some $2.1 billion will go toward paying off high-cost junk bonds with 11.25% and 12.625% coupons reminiscent of the Milken era. But KDP says leverage remains higher than “we are comfortable with,” even after the IPO."
- Scott Dinsdale, Analyst

Barron's on Netflix, Inc.
Oct 17, 2015 - "KDP issued a Sell recommendation on Netflix bonds last week, noting the persistent negative cash flows from the heavy investing in programming, even as subscriber rolls expand, especially internationally. So far, the stock bulls haven’t minded the heavy spending, in hopes of the big potential payoff as video on demand possibly supplants traditional viewing. But that depends on bond investors continuing to fund those investments. KDP doesn’t think they’re getting paid enough—coupons range from 5.375% to 5.875% on bonds due in six-to-10 years with mid-level junk ratings (B1 by Moody’s, B-plus by Standard & Poor’s)."
- Spencer Godfrey, Analyst

Bloomberg News on Cumulus Media
Oct 01, 2015 - "Profit hasn’t kept pace, and the company has been plagued by operational issues, according to a recent note by Spencer Godfrey, an analyst with KDP Investment Advisors Inc. The integration of Westwood One, acquired in December 2013, has been particularly bumpy. “Operations at Cumulus have clearly been hit hard over the past few quarters and were adversely impacted by a fall-off in demand for radio advertising, as well as the apparent chaotic operating environment at Westwood One,” Godfrey wrote in an Aug. 3 research note. He said then that management was trying to stabilize operations."
- Spencer Godfrey, Analyst

Bloomberg Business on Cablevision Systems
Sep 21, 2015 - "Cablevision will have to raise $8.6 billion in debt, of which $2.5 billion will be used for refinancing and $6.1 billion will be incremental, according to a research note last week from KDP Investment Advisors Inc. That will push leverage to about 8 times a measure of earnings, KDP analyst Spencer Godfrey said."
- Spencer Godfrey, Analyst

Bloomberg News on Cablevision Systems
Sep 17, 2015 - ""They’re just going to leave the Cablevision bonds outstanding, so those bondholders will now have company that’s significantly more levered," said Spencer Godfrey, an analyst at KDP Investment Advisors Inc. "This is terrible for bondholders." "In Altice’s presentation, they’re claiming they’ll get over $1.1 billion synergies, which I don’t think is realistic," said Godfrey."
- Spencer Godfrey, Analyst

Bloomberg Business on Swift Energy
Aug 24, 2015 - "The bank reviews may spell trouble for companies such as Swift Energy Co., which abandoned a $640 million loan offering in July that was to be used to repay borrowings under its credit line. Its $375 million borrowing base is likely to be cut when the company’s lenders review it in November, according to Kenneth Duffel, an analyst at KDP Investment Advisors Inc."
- Kenneth Duffel, Analyst

Barron's on United Rentals
Jul 26, 2015 - "According to a report by KDP Investment Advisors, which specializes in high-yield credits, while United Rentals met expectations for earnings before interest, taxes, depreciation, and amortization, its balance sheet showed that cash balances and liquidity declined as the company drew on bank-credit lines to fund the redemption of notes and stock repurchases. In addition, United Rentals announced a new, $1 billion share repurchase, which may be more propitiously timed given that the stock price is down nearly 37% this year."
- Michael Cazayoux, Analyst

Bloomberg Business on Verso Corp.
Jun 03, 2015 - "The company has high leverage, a concentrated customer base and highly competitive industry conditions, according to a report from KDP Investment Advisors Inc. last month."
- Brian Bogart, Analyst

Bloomberg Business on SandRidge Energy
May 28, 2015 - "In issuing the bonds, SandRidge agreed to cut its borrowing base to $500 million from $900 million, KDP Investment Advisors wrote in a report Thursday."
- Kenneth Duffel, Analyst

Bloomberg Business on Charter Comm
May 26, 2015 - "“It will be a big bite to take for high-yield buyers,” Spencer Godfrey, an analyst at high-yield research firm KDP Investment Advisors Inc. in Montpelier, Vermont, said in a telephone interview. “Charter will be one of the largest, if not the largest, issuer in the high-yield market.”"
- Spencer Godfrey, Analyst