Penny shares engineered a $1.2 billion debt restructuring with new notes; the rating change from losses/negatives to stability is a signal, but the acquisition costs are still eating into profits.

Crypto outlet JiJie.com reported that Accendra Health (NYSE: ACH) was selected as one of the 15 best NYSE penny stocks. It completed the settlement of 4.5% and 6.625% notes on June 23, replacing them with 9% and 9.75% senior secured notes. The company plans to issue first-lien notes of approximately $539 million and second-lien notes of approximately $698 million. S&P maintained the issuer rating at B; the outlook was revised from negative to stable. The first-lien notes are rated B+, and the second-lien notes are rated CCC+. In the short term, earnings are pressured by M&A and separation costs, but credit metrics are expected to improve.