Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Cinema] The world’s second-largest cinema chain, Cineworld, has announced that it has received a new $450 million loan and extended its $111 million revolving credit facility with banks. The company hopes to use the fresh cash to see out the closures caused by the pandemic.
Over60: The Telegraph
[Private Equity] India based EdTech company Byju’s is looking to raise $200 million from BlackRock and T. Rowe Price. The latest funding round values the company at close to $12 billion. The new valuation also sets Byju’s as India’s second most valuable startup. The company is also considering an IPO.
[Oil and Gas] Propane is facing extremely high demand as winter approaches and the demand for outdoor dining/entertainment increases. Supplies of propane tanks in the U.S. are failing to keep up with a 75% YoY increase in demand.
Over60: F.T. Exclusive
[Private Equity] Roadside recovery group, A.A., has indicated that it is willing to accept an offer of £0.35 a share. The company talks with Warburg Pincus and TowerBrook Capital over a potential deal, as the heavily indebted company seeks to bring in cash to repay its upcoming debt due.
Over60: The Guardian
[Services] Business activity in the Eurozone touched a six-month low on account of fresh lockdowns. The bloc’s services PMI dropped to 41.3. The manufacturing PMI dropped as well, but not as drastically as the services PMI. A level below 50 indicates a contraction.