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Macquarie Global Infrastructure Total Return Fund Inc. Commences Tender Offer

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By Business Wirevia The Motley Fool

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Macquarie Global Infrastructure Total Return Fund Inc. Commences Tender Offer

NEW YORK–(BUSINESS WIRE)– Macquarie Global Infrastructure Total Return Fund Inc. (NYS: MGU) (the “Fund”) announced today it is commencing a tender offer (the “Offer”) to purchase for cash up to 1,385,366 (representing approximately 10%) of its issued and outstanding shares of common stock, par value $0.001 per share, at a price equal to 92% of the net asset value (“NAV“) per share, determined as of the business day immediately following the day the Offer expires. The Offer will expire on April 3, 2013, at 12:00 midnight, New York City time, or on such later date to which the Offer is extended.

If the number of shares validly tendered and not properly withdrawn exceeds the maximum amount of the Offer then, on the terms and subject to the conditions of the Offer, the Fund will purchase shares from tendering stockholders on a pro rata basis. Accordingly, there can be no assurance that the Fund will purchase all of a stockholder’s tendered shares.

The NAV per share as of the close of the regular trading session of the New York Stock Exchange (“NYSE“) on March 5, 2013 was $23.22 and the last reported sale price on the NYSE on such date for a share was $21.00. Until the Offer expires, NAV per share quotations can be obtained from AST Fund Solutions, LLC, the information agent for the Offer, by calling (800) 331-7024 (toll free) between the hours of 9:00 a.m. and 5:00 p.m., New York City time, Monday through Friday (except holidays). The depositary for the offer is The Colbent Corporation.

None of the Fund, its Board, its investment adviser or the information agent is making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the Offer. Stockholders, together with their tax and financial advisors, are solely responsible for determining how many shares they will tender, if any, for purchase by the Fund.

This press release is for informational purposes only and is not a recommendation, an offer to buy or the solicitation of an offer to sell any shares. The solicitation and offer to buy shares will only be made pursuant to the offer to purchase and the other tender offer documents that the Fund is disseminating to its stockholders. A free copy of the tender offer documents filed by the Fund with the SEC may be obtained, when filed, from the SEC‘s website at www.sec.gov or from the Fund’s website at www.macquarie.com/mgu, or …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Kayne Anderson MLP Investment Company Enters Into $250 Million Revolving Credit Facility

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By Business Wirevia The Motley Fool

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Kayne Anderson MLP Investment Company Enters Into $250 Million Revolving Credit Facility

HOUSTON–(BUSINESS WIRE)– Kayne Anderson MLP Investment Company (the “Company”) (NYS: KYN) announced today that it has entered into a $250 million unsecured revolving credit facility (the “Credit Facility“) with a syndicate of lenders. The Credit Facility replaces the previous unsecured revolving credit facility having a commitment of $200 million. The Credit Facility has a three-year commitment terminating on March 4, 2016.

Outstanding loan balances will accrue interest daily at a rate equal to the one-month LIBOR plus 1.60% based on current asset coverage ratios. The interest rate may vary between LIBOR plus 1.60% and LIBOR plus 2.25%, depending on asset coverage ratios. The Company will pay a fee equal to a rate of 0.30% on any unused amounts of the Credit Facility. The Company currently has $37 million borrowed under the Credit Facility. A copy of the new credit agreement is available on the Company’s website at www.kaynefunds.com/kyn/other-material-documents.

Kayne Anderson MLP Investment Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, whose common stock is traded on the NYSE. The Company’s investment objective is to obtain a high after-tax total return by investing at least 85% of its total assets in energy-related master limited partnerships and their affiliates, and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Company’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Company’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.
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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Kayne Anderson Energy Total Return Fund Enters into $100 Million Revolving Credit Facility

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By Business Wirevia The Motley Fool

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Kayne Anderson Energy Total Return Fund Enters into $100 Million Revolving Credit Facility

HOUSTON–(BUSINESS WIRE)– Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”) (NYS: KYE) announced today that it has entered into a $100 million unsecured revolving credit facility (the “Credit Facility“) with a syndicate of lenders. The Credit Facility has a three-year commitment terminating on March 4, 2016.

Outstanding loan balances will accrue interest daily at a rate equal to the one-month LIBOR plus 1.60% based on current asset coverage ratios. The interest rate may vary between LIBOR plus 1.60% and LIBOR plus 2.25%, depending on asset coverage ratios. The Fund will pay a fee equal to a rate of 0.30% on any unused amounts of the Credit Facility. The Fund currently has $38 million borrowed under the Credit Facility. A copy of the new credit agreement is available on the Fund’s website at www.kaynefunds.com/kye/other-material-documents.

The Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 whose common stock is traded on the NYSE. The Fund’s investment objective is to obtain a high total return with an emphasis on current income by investing primarily in securities of companies engaged in the energy industry, principally including publicly-traded energy-related master limited partnerships and limited liability companies taxed as partnerships and their affiliates, energy-related U.S. and Canadian royalty trusts and income trusts and other companies that derive at least 50% of their revenues from operating assets used in, or providing energy-related services for, the exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; commodity pricing risk; leverage risk; valuation risk; non-diversification risk; interest rate risk; tax risk; and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

USA Synthetic Fuel Corporation Appoints Three New Independent Directors

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By Business Wirevia The Motley Fool

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USA Synthetic Fuel Corporation Appoints Three New Independent Directors

WASHINGTON–(BUSINESS WIRE)– USA Synthetic Fuel Corporation (OTCQB:USFC) (“USASF”), announced today that it has appointed J. Bradley Davis, John P. Proctor and William J. Weyand as independent directors to its Board of Directors.

“We are delighted to have such an experienced team of independent directors join our Board as the Company takes steps to accelerate growth,” said USASF President and CEO Dr. Steven C. Vick.

J. Bradley Davis, 73, is the Managing Partner of Ridge Capital Partners, LLC, a private equity investment firm that he founded in February 1989. Prior to that time, Mr. Davis served as the President of Trivest, Inc., a private equity investment firm that he co-founded, from September 1981 to September 1988. Prior to that time, he was a senior vice president at LaSalle Partners and a vice president with Chemical Bank in their New York, London, and Chicago offices. Mr. Davis served on active duty in the U.S. Army from September 1961 to September 1963. Mr. Davis serves on the boards of Equibrand Holding Corporation, LAT Sportswear, Inc., We Care Operations Holding, LLC, Wincore Windows & Doors, Inc., Middleburg Financial Corporation, McGraw Foundation, Piedmont Community Foundation, and Middleburg Tennis Club. He earned a B.A. in journalism from The Pennsylvania State University.

John P. Proctor, 71, specialized in environmental and energy law and was the co-head of the environmental practice group at Winston & Strawn LLP from 1980 to 2008. He joined Winston & Strawn in 1972. From 1967 to 1972, Mr. Proctor served in the U.S. Marine Corps. Since his retirement from Winston & Strawn, he has been actively involved in several community organizations. Mr. Proctor earned a B.A. from Princeton University and an L.L.B. from the University of Pennsylvania School of Law.

William J. Weyand, 68, brings a wealth of experience in maximizing shareholder value for corporations for which he has served. From February 2005 through March 2009, Mr. Weyand was Chairman and CEO of MSC. Software before it was acquired in October 2009. From 1997 through 2001, he served as Chairman and CEO of Structural Dynamics Research Corporation, which was acquired by EDS in 2001. Prior to that time he was Executive Vice President of Measurex Corporation. Mr. Weyand has served on numerous boards of NASDAQ and NYSE-traded corporations and non-profit organizations. Mr. Weyand earned a BBA in Marketing from Nichols College.

All three independent directors bring significant …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Senesco Technologies Provides Corporate Update

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By Business Wirevia The Motley Fool

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Senesco Technologies Provides Corporate Update

SNS01-T Clinical Trial Proceeding

New Preclinical Results in Liver Cancer Models

BRIDGEWATER, N.J.–(BUSINESS WIRE)– Senesco Technologies, Inc. (“Senesco” or the “Company”) (OTCQB: SNTI) provides the following update on Company activities.

Financial Update

As of December 31st, 2012, Senesco had cash and cash equivalents of $640,125, which was complemented in January 2013 by the receipt of approximately $2,300,000 in net proceeds from the issuance of common stock and warrants. Since November 2012, the Company’s common stock has been quoted on the OTCQB under the ticker symbol SNTI. During the first two months of 2013, average trading volumes increased significantly to over a million shares on certain days. The Company believes this is linked to the January issuance of registered common stock and the need for certain investors to change how their Company OTCQB-quoted stock is held in their accounts.

We recently mailed our proxy statement to stockholders in preparation for the Annual Meeting of Shareholders on March 28th, 2013. One of the proposals included in the proxy statement would give the Company’s board of directors the option to shrink the number of outstanding shares via a reverse split in any ratio of between 2:1 and 20:1 in order to assist in the Company’s efforts to regain the listing of the Company’s common stock on an NYSE or NASDAQ exchange and assist in the Company’s future fund raising efforts. However the timing and the actual ratio of the reverse split have not yet been set and would be determined based on market conditions.

We believe that a well-implemented reverse split could benefit our stockholders by:

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Source: FULL ARTICLE at DailyFinance

     
Business, Finance, Occupation & Industry

Could This Be the Reason Bank of America Is Tanking Today?

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By Amanda Alix, The Motley Fool

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Bank of America finished off the trading week on Friday with its head above water, possibly because of the release of its annual report. Things look a bit different today, though, and I’m suspecting that it may have something to do with one particular nugget contained in that report that may have gotten stuck in investors’ throats.

More bad news on the doorstep
The newsy morsel that B of A was being sued by the New York Attorney General‘s office for more shoddy mortgage products was quickly plucked from the 400-plus pages of the bank’s 10-K form and bandied about gleefully in short order. After all, these types of lawsuits are a huge weight on B of A, and the width and depth of the problem is still unknown. It seems investors have chewed up and digested this news over the weekend, and they’re not happy. Shortly before noon, the big bank is the volume leader in NYSE trading, and the outcome so far isn’t stellar.

Bank of America’s glum Monday is being shared by banking fellow JPMorgan Chase , which may be suffering from the fallout from a New York Times article published over the weekend, which highlighted how it badgers its wealth management brokers to push its own products, whether they fit the client’s needs or not.

Wells Fargo and Citigroup are looking sparkly, however, despite the news that Citi had boosted its estimates for legal and regulatory reserves to $5 billion at the end of the fourth quarter, up $1 billion sequentially. Wells, on the other hand, may still be basking in the glow of Warren Buffett having recently bulked up on the bank’s shares, which now constitutes the Oracle’s No. 1 investment holding.

The day’s not over, though, and the market may yet be a bit kinder to B of A, particularly as investors look forward to the Fed’s stress test results, coming out in just a couple of days. Of course, as Foolish, long-term investors, we recognize the need to keep the one-day jumps and jives of a stock in perspective. Even stocks have good days and bad days, so it’s important to realize that sometimes they’re not portents of dire news, but merely squiggles that we can safely ignore. 

Bank of America’s stock doubled in 2012. Is there more yet to come? With significant challenges still ahead, it’s critical to have a solid understanding of this megabank before adding it to your portfolio. In The Motley Fool’s premium research report on B of A, analysts Anand Chokkavelu, CFA, and Matt Koppenheffer, Financials bureau chief, lift the veil on the bank’s operations, including detailing three reasons to buy and three reasons to sell. Click here now to claim your copy, and as an added bonus, you’ll receive a full year of FREE updates and expert guidance as key news breaks.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Orchid Island Capital Announces the Closing of Its IPO

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By MarketNewsVideo Orchid Island Capital (ORC) announced that it closed its previously announced IPO of 2,360,000 shares of common stock at an initial public offering price of $15.00 per share earlier today. All of the shares in the initial public offering were offered by Orchid Island Capital, Inc., and the proceeds of the offering will be used to invest in residential mortgage-backed securities the principal and interest payments of which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae . The shares are listed on the NYSE under the symbol “ORC.” …read more
Source: FULL ARTICLE at Forbes Markets

Business, Finance, Occupation & Industry

U.S. Stock Markets Will Be Closed on Presidents Day

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By Eamon Murphy

Presidents Day

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The global economy is a perpetual motion machine, but U.S. stock markets do take breaks: In addition to the weekends, there are nine holidays on which the stock exchange is shuttered.

One of them is coming up this Monday: Presidents Day, a federal holiday that began in 1879 as an observance of George Washington‘s birthday, Feb. 22. The date was changed to the third Monday of the month by the Uniform Monday Holiday Act, which went into effect on Jan. 1, 1971. When that law was being drafted, it…

U.S. Stock Markets Will Be Closed on Presidents Day originally appeared on DailyFinance.com on 2013-02-15T15:11:00Z.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Tom Ward Of Sandridge Energy: Another CEO That's Got To Go

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By Richard Finger

Like another crosstown oil and gas exploration company based in Oklahoma City, Sandridge Energy (SD) is exhibiting the same shareholder inimical corporate governance practices. The good news is the abusive reign of Chesapeake Energy (CHK) king Aubrey McClendon last week came to an abrupt end. The bad news is that Sandridge founder and CEO Tom Ward (also a CHK co-founder) continues presiding unchecked as an autocrat. Like at CHK, Mr. Ward instituted his own analogue version of Aubrey?s Founders Well Participation Program (FWPP), the Sandridge Executive Well Participation Program (SEWPP). While Aubrey got to cherry pick and invest in a 2.5% interest in CHK wells, Mr. Ward felt even more generosity towards himself, upping his take to 3%. Like Aubrey in the past, Mr. Ward is obscenely overpaid. Mr. Ward presides over a sycophantic board that obsequiously bows to Caesars commands. Thanks in large part to the activism of Carl Icahn, Chesapeake, being free of Aubrey and most of his cabal of board members now has a chance to ?right the ship? and create value for shareholders. Now come along hedge fund TPG Axon and CEO Dinakar Singh. Mr. Singh?s hedge fund has acquired a 6.7% stake in the common shares of Sandridge and has undertaken a ?consent solicitation? to replace the entire Sandridge board and the subsequent ouster of Mr. Ward. Sandridge laughably claims the TPG Axon director slate lacks requisite energy experience. Each of the seven potential directors have held high positions at companies like BP, El Paso Eastern Pipeline, Oryx Energy or currently serve on boards of major NYSE companies such as Kraft Foods and AOL. The only commonality of current Sandridge board of directors is a blind obeisance to a CEO who compensates each one around $375,000 annually or for perspective, $80 to $90,000 more than is received by directors of integrated giant Exxon-Mobil, a company over 130 times its market capitalization. Put another way, in just a little more than every two days, Exxon takes in more in revenue than the entire market cap of Sandridge. …read more
Source: FULL ARTICLE at Forbes Markets

News, Politics, Government

Snow Plow Maker Set To Clean Up On Nemo

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By John Dobosz, Forbes Staff

As winter storm Nemo prepared to sock the Northeast with several feet of snow, a Milwaukee business that makes snow plows and salt spreaders was getting ready to clean up.  Douglas Dynamics is a snow plow pure play. It owns the Western, Fisher and Blizzard brands.  Since May 2010, Douglas has been a public company, trading on the NYSE under the descriptive ticker symbol “PLOW.” …read more
Source: FULL ARTICLE at Forbes Latest

Business, Finance, Occupation & Industry

USA Compression Partners Prices IPO of Common Units

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By MarketNewsVideo USA Compression Partners announced today the pricing of its IPO of 11,000,000 common units at $18.00 per unit. The common units are expected to begin trading on the NYSE on January 15, 2013 under the ticker symbol “USAC.” The underwriters have been granted a 30-day option to purchase from USA Compression up to an additional 1,650,000 common units, at the initial public offering price. The offering is expected to close on or about January 18, 2013, subject to customary closing conditions.
Source: FULL ARTICLE at Forbes Markets