Tag Archives: Total Consideration

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Coeur Enters Into Letter of Intent to Sell Non-Core Assets for up to US$67 Million in Total Consider

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By Business Wirevia The Motley Fool

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Coeur Enters Into Letter of Intent to Sell Non-Core Assets for up to US$67 Million in Total Consideration

COEUR D’ALENE, Idaho–(BUSINESS WIRE)– Coeur d’Alene Mines Corporation (the “Company” or “Coeur”) (NYS: CDE) (TSX: CDM) today announced that it has entered into a letter of intent with XDM Royalty Corp. (“XDM“) to sell its interest in the silver production and reserves from the Endeavor mine in australia (the “Endeavor silver stream”) and the royalty from the Cerro Bayo gold and silver mine in southern Chile (the “Cerro Bayo royalty”) for up to US$67 million in total cash and XDM equity consideration.

The letter provides that XDM will pay US$45 million in cash and issue US$10 million in common equity to Coeur at closing, subject to adjustment for cash flow to Coeur from the Endeavor silver stream since January 1, 2013 which will be for XDM‘s account. The letter also provides for two additional contingent cash payments totaling US$12 million for the Endeavor silver stream upon achieving certain milestones related to future potential reserve increases and mine development.

Mitchell J. Krebs, President and Chief Executive Officer of Coeur, said, “This sale of non-core assets presents a compelling and accretive transaction for Coeur shareholders. The XDM consideration, even without the contingent payments, unlocks significant value that has not been reflected in Coeur’s current share price. The proceeds from this transaction will provide Coeur with additional capital to selectively invest in high-return internal and external opportunities, including our ongoing share repurchase program.”

Of the US$55 million in total consideration payable by XDM to Coeur at closing, US$40 million is allocated to the Endeavor silver stream and US$15 million in cash is allocated to the Cerro Bayo royalty.

Closing is currently expected in the second quarter of 2013, subject to an XDM financing condition and the negotiation and execution of definitive agreements, in addition to customary conditions. The sale of the Cerro Bayo royalty is subject to a right of first refusal held by Mandalay Resources Corporation (“Mandalay”), the owner and operator of the Cerro Bayo mine. In the event Mandalay exercises its right of first refusal, XDM would still be obligated to acquire the Endeavor silver stream.

In May 2005, the Company paid US$44 million for all of the silver production and reserves (up to 20 million payable ounces) contained at the Endeavor mine in New South Wales, australia. As of March 31, 2013, approximately 102% of the original purchase price has been recovered. In 2012, Endeavor produced 665,816 payable ounces

From: http://www.dailyfinance.com/2013/04/11/coeur-enters-into-letter-of-intent-to-sell-non-cor/

Business, Finance, Occupation & Industry

Target Corporation Announces Final Results of Maximum Tender Offers

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By Business Wirevia The Motley Fool

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Target Corporation Announces Final Results of Maximum Tender Offers

MINNEAPOLIS–(BUSINESS WIRE)– Target Corporation (“Target“) (NYS: TGT) today announced the final results of its previously announced tender offers (the “Maximum Tender Offers“) to purchase for cash up to $1,114,268,003 (the “Maximum Payment Amount“) of its debt securities listed in the table below (collectively, the “Notes“), which commenced on March 13, 2013 and expired at 11:59 p.m., New York City time, on April 10, 2013 (the “Maximum Tender Expiration Date“).

Target has accepted for purchase $760,746,000 aggregate principal amount of Notes validly tendered and not validly withdrawn. Target will pay aggregate Total Consideration and Late Tender Offer Consideration of $1,114,267,539 for the Notes accepted for purchase.

As further explained in the offer to purchase and related letter of transmittal, each dated March 13, 2013 (the “Tender Offer Documents“), Target accepted the Notes for purchase in accordance with the “Acceptance Priority Levels” set forth in the table below. Due to oversubscription, Target accepted for purchase on a pro rata basis approximately 67% of the Notes listed in the table below at Acceptance Priority Level 1. Target has not accepted for purchase any of the Notes listed below at Acceptance Priority Levels 2 through 8. Target expects to make payment for the applicable Notes accepted for purchase in same-day funds on April 11, 2013. The Notes not accepted for purchase will be promptly credited to the account of the registered holder of such Notes with The Depositary Trust Company or otherwise returned in accordance with the Tender Offer Documents.

Holders of Notes who validly tendered and did not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on March 27, 2013 (such date and time, the “Early Tender Date“) are eligible to receive the full “Total Consideration” listed in the table below for Notes accepted for purchase. Holders of Notes who validly tendered their Notes after the Early Tender Date but at or prior to the Maximum Tender Expiration Date are eligible only to receive an amount equal to the “Late Tender Offer Consideration” listed in the table below for Notes accepted for purchase.

From: http://www.dailyfinance.com/2013/04/11/target-corporation-announces-final-results-of-maxi/

Business, Finance, Occupation & Industry

Barclays Bank PLC Tender Offer: Announcement of Early Participation Results

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By Business Wirevia The Motley Fool

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Barclays Bank PLC Tender Offer: Announcement of Early Participation Results

LONDON–(BUSINESS WIRE)– On March 26, 2013, Barclays Bank PLC (the “Issuer“) announced a cash tender offer (the “Tender Offer“) to holders of the Issuer’s 6.05% Fixed Rate Subordinated Notes due 2017 (CUSIP/ISIN: 06739G AE9 / US06739GAE98 / XS0334249223) (the “6.05% Notes“) and 5.140% Lower Tier 2 Notes due October 2020 (CUSIP/ISIN: 06739G BP3 / US06739GBP37) (the “5.140% Notes” and collectively with the 6.05% Notes, the “Notes“), subject to the terms and conditions set forth in an offer to purchase dated March 26, 2013, as amended by the Issuer’s announcement on April 3, 2013 that it had decreased the maximum aggregate principal amount of Notes the Issuer will accept in the Tender Offer (the “Tender Cap“) from $1 billion to $850 million (the “Offer to Purchase“).

Further to the Tender Offer, the Issuer hereby informs the holders of the Notes that, as of 5:00 p.m., New York City time, on April 8, 2013 (the “Early Participation Deadline“), approximately $936 million principal amount of the 6.05% Notes and approximately $242 million principal amount of the 5.140% Notes, or a total of approximately $1.178 billion principal amount of the Notes, were validly tendered and not validly withdrawn pursuant to the Tender Offer. Subject to the terms and conditions of the Tender Offer, the Issuer confirms that it has accepted for purchase approximately $850 million of the Notes validly tendered and not validly withdrawn at or prior to the Early Participation Deadline. All Notes validly tendered with a Bid Premium less than the Clearing Spread Premium of 30 basis points have been accepted for purchase. Notes validly tendered with a Bid Premium that is equal to the Clearing Spread Premium have been accepted for purchase on a prorated basis in the manner described in the Offer to Purchase using a proration factor of 89.68%. All Notes not accepted as a result of proration and all tenders of Notes with a Bid Premium in excess of the Clearing Spread premium have been rejected.

Holders of the Notes who validly tendered Notes and did not validly withdraw such Notes at or prior to the Early Participation Deadline and whose Notes are purchased by the Issuer will receive the Total Consideration for that series of Notes indicated in the table below, which includes the Early Participation Amount of $50 per $1,000 principal amount of Notes accepted for purchase, as well as a cash payment in an amount equal to the accrued and unpaid interest on those Notes from (and including) the interest payment date for the relevant series of Notes immediately preceding the Early Payment …read more

Source: FULL ARTICLE at DailyFinance

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Target Corporation Announces Pricing of Pending Maximum Tender Offers

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By Business Wirevia The Motley Fool

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Target Corporation Announces Pricing of Pending Maximum Tender Offers

MINNEAPOLIS–(BUSINESS WIRE)– Target Corporation (“Target“) (NYS: TGT) announced today the consideration payable in connection with its previously announced tender offers (the “Maximum Tender Offers“), which commenced on March 13, 2013 to purchase up to $1,114,268,003 (the “Maximum Payment Amount“) of the outstanding debt securities (the “Notes” and each a “series” of Notes) listed in the table below. The Maximum Tender Offers will expire at 11:59 p.m., New York City time, on April 10, 2013 unless extended (such date and time, as the same may be extended, the “Maximum Tender Expiration Date“). The Maximum Tender Offers are being made solely pursuant to the offer to purchase and related letter of transmittal, each dated March 13, 2013 (as they may be amended or supplemented, the “Tender Offer Documents“).

The table below sets forth the Total Consideration for each series of Notes.

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Source: FULL ARTICLE at DailyFinance


Up to the Maximum Payment Amount of the Outstanding Notes Listed Below

     
Business, Finance, Occupation & Industry

AIG Announces Final Results of Its Tender Offers

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By Business Wirevia The Motley Fool

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AIG Announces Final Results of Its Tender Offers

NEW YORK–(BUSINESS WIRE)– American International Group, Inc. (NYS: AIG) today announced the final results as of 11:59 p.m., New York City time, on March 18, 2013 (the “Expiration Date“) of its previously announced tender offers for (i) certain of AIG‘s junior subordinated debentures denominated in sterling and euros (the “Sterling and Euro Debentures”), (ii) certain of AIG‘s junior subordinated debentures denominated in U.S. dollars (the “Dollar Debentures“) and (iii) the capital securities issued by three statutory trusts controlled by SunAmerica Financial Group Inc., a wholly-owned subsidiary of AIG (“SAFG“), that hold junior subordinated debentures issued by SAFG and guaranteed by AIG and senior debentures originally issued by SunAmerica Inc. and assumed by AIG (collectively, the “SAFG Securities” and, together with the Sterling and Euro Debentures and the Dollar Debentures, the “Securities”), pursuant to its offer to purchase dated February 19, 2013 (the “Offer to Purchase”). The complete terms of the tender offers, including certain capitalized terms used but not defined herein, are set forth in the Offer to Purchase and, as applicable, the related letter of transmittal.

“The completion of the tender offers shows that AIG continues to deliver on its capital management goals while illustrating its financial flexibility,” said Robert H. Benmosche, President and Chief Executive Officer of AIG.

AIG also announced that it will purchase the maximum principal amount of Sterling and Euro Debentures that it can purchase at the prices set forth below for an aggregate purchase price (excluding accrued interest) of $429,821,726.71. The tender offer caps for the Dollar Debentures and the SAFG Securities remain unchanged. AIG will accept for purchase all Securities validly tendered at a bid spread equal to or greater than the applicable Clearing Spread set forth below, which results in an aggregate purchase price of approximately $1.316 billion (including an aggregate of approximately $32.8 million in respect of accrued interest and distributions on accepted Securities).

As of the Expiration Date, the principal or liquidation amount of Securities of each series outstanding and validly tendered and accepted by AIG, the final Clearing Spread and the Total Consideration per £1,000, €1,000 or $1,000 principal or liquidation amount were as follows:

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Source: FULL ARTICLE at DailyFinance
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Chesapeake Energy Corporation Announces Cash Tender Offers for Senior Notes

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By Business Wirevia The Motley Fool

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Chesapeake Energy Corporation Announces Cash Tender Offers for Senior Notes

OKLAHOMA CITY–(BUSINESS WIRE)– Chesapeake Energy Corporation (NYS: CHK) today announced the commencement of two separate tender offers (collectively the “Tender Offers” and each a “Tender Offer“) for any and all of its 7.625% Senior Notes due 2013 (the “2013 Notes”) and its 6.875% Senior Notes due 2018 (the “2018 Notes” and, together with the 2013 Notes, the “Notes”).

The Tender Offers are being made pursuant to an Offer to Purchase and a related Letter of Transmittal, each dated March 18, 2013, which set forth a more detailed description of the terms and conditions of each Tender Offer.

Upon the terms and subject to the conditions described in the Offer to Purchase, the Letter of Transmittal and any amendments or supplements to the foregoing, Chesapeake is offering to purchase for cash any and all of the outstanding Notes.

Holders must validly tender their Notes at or prior to 5:00 p.m., New York City time, on March 28, 2013 (such date and time, as it may be extended with respect to a Tender Offer, the “Early Tender Date”), to be eligible to receive the applicable Total Consideration (as set forth in the table below), which includes the applicable Early Tender Premium (as set forth in the table below). Each Tender Offer will expire at 11:59 p.m., New York City time, on April 12, 2013, unless it is extended or earlier terminated (such date and time as it may be extended with respect to a Tender Offer, the “Expiration Date”).


Notes
 		 

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Source: FULL ARTICLE at DailyFinance
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Pitney Bowes Announces Reference Yield, Total Consideration and Tender Offer Consideration for Cash

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By Business Wirevia The Motley Fool

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Pitney Bowes Announces Reference Yield, Total Consideration and Tender Offer Consideration for Cash Tender Offers for Notes

STAMFORD, Conn.–(BUSINESS WIRE)– Pitney Bowes Inc. (NYS: PBI) (the “Company,” “us” or “Pitney Bowes“) today announced the Reference Yield, Total Consideration and Tender Offer Consideration (each as defined below) for its previously announced cash tender offers (the “Offers”) for its 4.875% Medium-Term Notes due 2014 (the “2014 Notes”), 5.000% Notes due 2015 (the “2015 Notes”) and 4.750% Medium-Term Notes due 2016 (the “2016 Notes” and, together with the 2014 Notes and the 2015 Notes, the “Notes”).

The Offers are being made pursuant to an Offer to Purchase, dated February 26, 2013 (the “Offer to Purchase”) and related Letter of Transmittal, dated February 26, 2013 (the “Letter of Transmittal”) which set forth a description of the terms and conditions of the Offers.

The consideration to be paid in each of the Offers has been determined in the manner described in the Offer to Purchase by reference to a fixed spread over the yield to maturity (the “Reference Yield“) of the applicable U.S. Treasury Security specified in the table below and on the cover page of the Offer to Purchase in the column entitled “Reference U.S. Treasury Security.” Holders who validly tender and do not validly withdraw Notes at or prior to the Early Tender Time (as defined below) that are accepted for purchase will receive the applicable “Total Consideration” listed in the table below, which includes an early tender payment of $30 per $1,000 principal amount of Notes accepted for purchase (the “Early Tender Premium“). Holders who validly tender after the Early Tender Time but at or prior to the Expiration Time (as defined below) that are accepted for purchase will receive the Total Consideration listed in the table below minus the Early Tender Premium (the “Tender Offer Consideration”). In addition, in each case holders will receive accrued and unpaid interest on their Notes up to, but excluding, the applicable settlement date.

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Source: FULL ARTICLE at DailyFinance