Tag Archives: Wells Fargo Securities

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Wall Street Webcasting Presents Wells Fargo Securities: How Long To Remain Uninvested

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Wall Street Webcasting Presents Wells Fargo Securities: How Long To Remain Uninvested

NEW YORK–(BUSINESS WIRE)– Wall Street Webcasting presents exclusive video of Rich Gordon, the highly regarded Fixed Income Market Strategist of Wells Fargo Securities (NYSE: WFC). This week Gordon establishes a simple framework for how long one should be uninvested, as well as, investment tips for this year.

Fixed income portfolio managers are faced with a tough decision. Do they buy bonds now or wait until the end of the second quarter, in hopes that bonds will be a little bit cheaper and the yields will be a little bit higher? To wait is to take a risk. If investors wait and yields do not rise, then many investors may be looking at the first and second quarter as missed opportunities. Some investors may try to make up for the mistake by purchasing securities with a higher yield, but with a poor structure. This could be an even bigger mistake.

The disappointing payrolls report from Friday and the decline in the unemployed looking for work may be early warning signs of what data will be like in the coming months. Also, the Treasury curve has flattened.

To hear Gordon’s framework for when to invest in bonds, tune into Wells Fargo Securities‘ newest video.

Please visit the following link to view the video:

http://www.wsw.com/webcast/wav/

Wall Street Webcasting
Tracy Lewin, 201-683-2100

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

The article Wall Street Webcasting Presents Wells Fargo Securities: How Long To Remain Uninvested originally appeared on Fool.com.

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Source: FULL ARTICLE at DailyFinance

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Reliance Steel & Aluminum Co. Announces $500 Million 4.500% Senior Notes Offering

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Reliance Steel & Aluminum Co. Announces $500 Million 4.500% Senior Notes Offering

LOS ANGELES–(BUSINESS WIRE)– Reliance Steel & Aluminum Co. (NYS: RS) announced today that it has entered into an underwriting agreement for the sale of $500 million principal amount of its 4.500% Senior Notes due 2023 at an issue price of 99.585%. The notes will be guaranteed by Reliance’s subsidiaries that guarantee its credit agreement and its senior notes due 2016 and 2036. Reliance intends to use the net proceeds to finance a portion of its pending acquisition of Metals USA Holdings Corp. If Reliance does not consummate its acquisition of Metals USA on or prior to December 15, 2013, the merger agreement with Metals USA is terminated at any time prior thereto or Reliance determines in its reasonable judgment that the acquisition will not occur, Reliance will be required to redeem all of the notes at a purchase price in cash equal to 101% of their aggregate principal amount, plus accrued and unpaid interest. The offering is expected to close on April 12, 2013.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as joint book-running managers of the offering.

The offering is being made only by means of a prospectus supplement and an effective registration statement (including a prospectus), which have been filed with the SEC. A copy of the prospectus supplement and accompanying prospectus for the offering may be obtained by contacting J.P. Morgan Securities LLC, Attention: Investment Grade Syndicate Desk, 383 Madison Avenue, New York, New York 10179, by phone at 1-212-834-4533, or by fax at 1-212-834-6081; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attention: Prospectus Department, 222 Broadway, 7th Floor, New York, New York 10038, by email at dg.prospectus_requests@baml.com, or by phone at 1-800-294-1322; or Wells Fargo Securities, LLC, Attention: Capital Markets Client Support, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, by email at cmclientsupport@wellsfargo.com, or by phone at 1-800-326-5897. Alternatively, you may get these documents for free by visiting the SEC‘s website at www.sec.gov. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, and shall not constitute an offer, solicitation or sale in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co., headquartered in …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Rockwell Collins Chairman and CEO to Address Wells Fargo Securities 2013 Industrial and Construction

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Rockwell Collins Chairman and CEO to Address Wells Fargo Securities 2013 Industrial and Construction Conference on May 8

CEDAR RAPIDS, Iowa–(BUSINESS WIRE)– Rockwell Collins (NYS: COL) Chairman and CEO Clay Jones will address Wells Fargo Securities 2013 Industrial and Construction Conference in New York, NY on May 8, 2013, at 10:15 a.m. Eastern Time.

A live audio webcast and subsequent replay of Jones’ comments will be available on the company’s web site at www.rockwellcollins.com. Listeners of the live transmission are encouraged to go to the Investor Relations section of the web site at least 15 minutes prior to the presentation to download and install any necessary software.

Rockwell Collins (NYS: COL) is a pioneer in the development and deployment of innovative communication and aviation electronic solutions for both commercial and government applications. Our expertise in flight deck avionics, cabin electronics, mission communications, information management, and simulation and training is delivered by 19,000 employees, and a global service and support network that crosses 27 countries. To find out more, please visit www.rockwellcollins.com.

Rockwell Collins
Media Contact:
Pam Tvrdy, 319-295-0591
pjtvrdy@rockwellcollins.com
or
Investor Contact:
Steve Buesing, 319-295-7575
investorrelations@rockwellcollins.com

KEYWORDS:   United States  North America  Iowa

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The article Rockwell Collins Chairman and CEO to Address Wells Fargo Securities 2013 Industrial and Construction Conference on May 8 originally appeared on Fool.com.

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Kite Realty Group Trust Announces Pricing of Common Share Offering

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Kite Realty Group Trust Announces Pricing of Common Share Offering

INDIANAPOLIS–(BUSINESS WIRE)– Kite Realty Group Trust (NYS: KRG) (the “Company”) announced today that it has priced its underwritten public offering of 13,500,000 of its common shares of beneficial interest (“Common Shares“) at a public offering price of $6.55 per share. The underwriters have been granted a 30-day option to purchase up to an additional 2,025,000 Common Shares. The Company estimates that the net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $84.6 million, or approximately $97.4 million if the underwriters’ option to purchase additional Common Shares is exercised in full.

The Company intends to use a portion of the net proceeds from this offering initially to repay approximately $62.2 million of outstanding indebtedness under the Company’s revolving credit facility and the remainder for the acquisition of properties. Such net proceeds that initially are used to repay outstanding indebtedness under the revolving credit facility are expected to be redeployed for other general corporate purposes, including the acquisition of properties and funding development costs.

The offering, which is subject to customary closing conditions, is expected to close on or about April 12, 2013.

BofA Merrill Lynch, KeyBanc Capital Markets, Citigroup and Wells Fargo Securities are serving as the joint book-running managers for this offering. J.P. Morgan and Raymond James are serving as the lead managers for this offering. Evercore Partners, The Huntington Investment Company and Stifel are serving as the co-managers for this offering.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on January 11, 2012. A preliminary prospectus supplement relating to the offering has been filed with the Securities and Exchange Commission.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained from BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, or by email at dg.prospectus_requests@baml.com; from KeyBanc Capital Markets, Attention: Prospectus Delivery Department, 127 Public Square, 4th Floor, Cleveland, Ohio 44114; …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Reliance Steel &amp; Aluminum Co. Announces Proposed $500 Million Senior Notes Offering

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Reliance Steel & Aluminum Co. Announces Proposed $500 Million Senior Notes Offering

LOS ANGELES–(BUSINESS WIRE)– Reliance Steel & Aluminum Co. (NYS: RS) announced today that it proposes to offer, subject to market and other considerations, $500 million principal amount of senior notes due 2023. Actual terms of the notes, including interest rate, will depend on market conditions at the time of pricing. The notes will be guaranteed by Reliance’s subsidiaries that guarantee its credit agreement and its senior notes due 2016 and 2036. Reliance intends to use the net proceeds to finance a portion of its pending acquisition of Metals USA Holdings Corp. If Reliance does not consummate its acquisition of Metals USA on or prior to December 15, 2013, the merger agreement with Metals USA is terminated at any time prior thereto or Reliance determines in its reasonable judgment that the acquisition will not occur, Reliance will be required to redeem all of the notes at a purchase price in cash equal to 101% of their aggregate principal amount, plus accrued and unpaid interest.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering.

The offering is being made only by means of a preliminary prospectus supplement and an effective registration statement (including a prospectus), which have been filed with the SEC. A copy of the preliminary prospectus supplement and accompanying prospectus for the offering may be obtained by contacting J.P. Morgan Securities LLC, Attention: Investment Grade Syndicate Desk, 383 Madison Avenue, New York, New York 10179, by phone at 1-212-834-4533, or by fax at 1-212-834-6081; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attention: Prospectus Department, 222 Broadway, 7th Floor, New York, New York 10038, by email at dg.prospectus_requests@baml.com, or by phone at 1-800-294-1322; or Wells Fargo Securities, LLC, Attention: Capital Markets Client Support, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, by email at cmclientsupport@wellsfargo.com, or by phone at 1-800-326-5897. Alternatively, you may get these documents for free by visiting the SEC‘s website at www.sec.gov. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, and shall not constitute an offer, solicitation or sale in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Cousins Properties Prices Offering of 14,354,000 Shares of Common Stock

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Cousins Properties Prices Offering of 14,354,000 Shares of Common Stock

ATLANTA–(BUSINESS WIRE)– Cousins Properties Incorporated (the “Company”) (NYS: CUZ) today announced that it has increased its previously-announced underwritten public offering from 14,000,000 to 14,354,000 shares of its common stock and priced the offering at $10.45 per share, for gross proceeds of approximately $150 million. The underwriters have been granted a 30-day option to purchase up to an additional 2,153,100 shares. The offering is expected to close on or about April 12, 2013, subject to customary closing conditions.

The Company intends to use a significant portion of the net proceeds of the offering to acquire 816 Congress Avenue, a Class-A office building in Austin, Texas. The property is currently under contract, and the acquisition is expected to close mid-April 2013. In addition, the Company intends to use a portion of the net proceeds to redeem in full its outstanding 7.75% Series A Cumulative Redeemable Preferred Stock.

BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Wells Fargo Securities acted as joint book-running managers for the offering.

This offering will be made pursuant to a prospectus supplement to the Company’s prospectus dated March 29, 2013, filed as part of the Company’s effective shelf registration statement relating to these securities. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares described herein or any other securities, nor shall there be any sale of these shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. This offering may be made only by means of a prospectus supplement and the related prospectus.

Copies of the final prospectus supplement (when available) and the base prospectus relating to the shares can be obtained by contacting the underwriters as follows: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or email at dq.prospectus_requests@baml.com; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 1-866-803-9204.

About Cousins Properties Incorporated

The Company is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. The Company is a fully integrated equity real estate investment trust …read more

Source: FULL ARTICLE at DailyFinance

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Kite Realty Group Trust Announces Launch of Common Share Offering

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Kite Realty Group Trust Announces Launch of Common Share Offering

INDIANAPOLIS–(BUSINESS WIRE)– Kite Realty Group Trust (NYS: KRG) (the “Company”) announced today that it has commenced an underwritten public offering of 12,500,000 common shares of beneficial interest. BofA Merrill Lynch, KeyBanc Capital Markets, Citigroup and Wells Fargo Securities will be serving as the joint book-running managers for this offering. The underwriters will be granted a 30-day option to purchase up to an additional 1,875,000 common shares of beneficial interest.

The Company intends to use a portion of the net proceeds from this offering initially to repay approximately $62.2 million of outstanding indebtedness under the Company’s revolving credit facility and the remainder for the acquisition of properties. Such net proceeds that initially are used to repay outstanding indebtedness under the revolving credit facility are expected to be redeployed for other general corporate purposes, including the acquisition of properties and funding development costs.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on January 11, 2012. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to these securities may be obtained from BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, or by email at dg.prospectus_requests@baml.com; from KeyBanc Capital Markets, Attention: Prospectus Delivery Department, 127 Public Square, 4th Floor, Cleveland, Ohio 44114; from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717; Tel: 800-831-9146; email: batprospectusdept@citi.com; and from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or by emailing a request to cmclientsupport@wellsfargo.com.


About Kite Realty Group Trust

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Cousins Properties Announces Offering of 14.0 Million Shares of Common Stock

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By Business Wirevia The Motley Fool

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Cousins Properties Announces Offering of 14.0 Million Shares of Common Stock

ATLANTA–(BUSINESS WIRE)– Cousins Properties Incorporated (the “Company”) (NYS: CUZ) today announced that it has commenced an underwritten public offering of 14.0 million shares of its common stock. The underwriters are expected to be granted a 30-day option to purchase up to an additional 2.1 million shares.

The Company intends to use a significant portion of the net proceeds of the offering to acquire 816 Congress Avenue, a Class-A office building in Austin, Texas. The property is currently under contract, and the acquisition is expected to close mid-April 2013. In addition, the Company intends to use a portion of the net proceeds to redeem in full its outstanding 7.75% Series A Cumulative Redeemable Preferred Stock.

BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers for the offering.

This offering will be made pursuant to a prospectus supplement to the Company’s prospectus dated March 29, 2013, filed as part of the Company’s effective shelf registration statement relating to these securities. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares described herein or any other securities, nor shall there be any sale of these shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The offering may be made only by means of a prospectus supplement and the related prospectus.

A copy of the preliminary prospectus supplement, final prospectus supplement (when available) and the base prospectus relating to the shares can be obtained by contacting the underwriters as follows: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or email at dq.prospectus_requests@baml.com; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 1-866-803-9204.

About Cousins Properties Incorporated

The Company is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ.

…read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Reliance Steel &amp; Aluminum Co. Announces Amended and Restated $1.5 Billion Credit Facility and New $5

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Reliance Steel & Aluminum Co. Announces Amended and Restated $1.5 Billion Credit Facility and New $500 Million Term Loan

LOS ANGELES–(BUSINESS WIRE)– Reliance Steel & Aluminum Co. (NYS: RS) announced today that it has amended and restated its existing $1.5 billion unsecured revolving credit facility and raised $500 million in a new term loan. The credit agreement has a term of five years, expiring April 4, 2018 and includes an increase option of the revolving credit facility for up to an additional $500 million. Both facilities allow for prepayments.

David H. Hannah, Chairman and CEO of Reliance said, “These financing transactions are a significant step in obtaining the financing necessary to complete our previously announced acquisition of Metals USA that we expect to close in the 2013 second quarter. The bank markets remain favorable and we are happy with the pricing and other terms under the new facility. We appreciate the continued support of the syndicate of 26 banks involved in our credit facility.”

Bank of America N.A. is the Administrative Agent and JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association are Co-Syndication Agents. Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC were the Joint Lead Arrangers and Joint Book Managers.

About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of more than 240 locations in 38 states and ten countries outside of the United States, the Company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries.

Reliance Steel & Aluminum Co.’s press releases and additional information are available on the Company’s web site at www.rsac.com. The Company was named to the 2012 “Fortune500” List and the 2012 Fortune List of “The World‘s Most Admired Companies.”

This release may contain forward-looking statements. Actual results and events may differ materially as a result of a variety of factors, many of which are outside of Reliance Steel & Aluminum Co.’s control. Risk factors and additional information are included in Reliance Steel & Aluminum Co.’s reports on file with the Securities and Exchange Commission, including Reliance Steel & Aluminum Co.’s Annual Report on Form 10-K for …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

CapLease Prices and Upsizes Common Stock Offering

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CapLease Prices and Upsizes Common Stock Offering

NEW YORK–(BUSINESS WIRE)– CapLease, Inc. (NYS: LSE) announced today that it has priced its previously announced common stock offering. The offering was priced at $5.97 per share and consisted of 7,500,000 shares of common stock. The offering was increased by 1,000,000 shares from the originally announced offering of 6,500,000 shares. CapLease has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock to cover over-allotments, if any. CapLease expects the offering to close on April 9, 2013, subject to customary closing conditions.

CapLease intends to use the net proceeds of the offering for general corporate purposes, which is expected to primarily include funding real property acquisitions in its pipeline.

Wells Fargo Securities is the sole book-running manager of the offering. JMP Securities and Stifel are the co-managers for the offering. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152 (email: cmclientsupport@wellsfargo.com or telephone (800) 326-5897).

The shares of common stock will be issued pursuant to a registration statement that has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

This press release contains statements that are forward-looking. Such forward-looking statements involve risks and uncertainties and actual outcomes may differ materially from those projected. For more information regarding these risks and uncertainties, review CapLease’s filings with the Securities and Exchange Commission.

About the Company:

CapLease, Inc. is a real estate investment trust, or REIT, that primarily owns and manages a diversified portfolio of single tenant commercial real estate properties subject to long-term leases to high credit quality tenants.

Investor Relations/Media:
ICR, Inc.
Brad Cohen, 212-217-6393
bcohen@icrinc.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

The …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Avery Dennison Prices $250 Million Senior Notes Offering

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By Business Wirevia The Motley Fool

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Avery Dennison Prices $250 Million Senior Notes Offering

PASADENA, Calif.–(BUSINESS WIRE)– Avery Dennison Corporation (NYS: AVY) announced today that it has priced an underwritten public offering of $250,000,000 aggregate principal amount of 3.35% Senior Notes due 2023. The Senior Notes were priced at 99.898% of their principal amount. The offering is expected to close on April 8, 2013, subject to customary closing conditions.

Avery Dennison intends to use the net proceeds from the offering to repay existing indebtedness under its commercial paper program.

The joint book-running managers for this offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, RBS Securities Inc., and Wells Fargo Securities, LLC, with HSBC Securities (USA) Inc. and Mitsubishi UFJ Securities (USA), Inc. as co-managers.

Avery Dennison has filed a registration statement with the SEC relating to the offering. The offering may be made only by means of a preliminary prospectus supplement and accompanying prospectus, copies of which may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated at Attn: Prospectus Department, 222 Broadway, 11th Floor, New York, NY 10038, by calling (800) 294-1322 or by emailing dg.prospectus_requests@baml.com, or J.P. Morgan Securities LLC at Attn: Investment Grade Syndicate Desk, 383 Madison Avenue, 3rd Floor, New York, NY 10179, or by calling (212) 834-4533.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Avery Dennison

Avery Dennison (NYS: AVY) is a global leader in labeling and packaging materials and solutions. The company’s applications and technologies are an integral part of products used in every major market and industry. With operations in more than 50 countries and 30,000 employees worldwide, Avery Dennison serves customers with insights and innovations that help make brands more inspiring and the world more intelligent. Headquartered in Pasadena, California, the company reported sales from continuing operations of $6 billion in 2012.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:

This press …read more
Source: FULL ARTICLE at DailyFinance

Health

Analyst: Higher Rate Of Genital Infections Could Curb Sales Of New J&J Drug

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By Matthew Herper On Friday, the Food and Drug Administration approved Johnson & Johnson’s new diabetes pill Invoka, the first in a new class of medicines called SGLT-2 inhibitors. In a note to investors this morning, analyst Lawrence Biegelson of Wells Fargo Securities argued that the claims made in the label are a …read more
Source: FULL ARTICLE at Forbes Health

Business, Finance, Occupation & Industry

MoneyGram International Announces Completion of Debt Refinancing with $975 Million Senior Secured Cr

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MoneyGram International Announces Completion of Debt Refinancing with $975 Million Senior Secured Credit Facility

New credit facility reduces interest expense and extends maturities

DALLAS–(BUSINESS WIRE)– MoneyGram International, Inc. (NYS: MGI) , a leading global payment services company, today announced that on March 28, 2013 it completed a private placement of a new $975 million senior secured credit facility consisting of a $125 million, multi-bank five-year revolving credit facility and an $850 million, seven-year term loan. The new term loan initially bears interest at LIBOR, subject to a floor of 1.0%, plus 3.25%, with a step down to LIBOR plus 3.00% upon achievement of a specified leverage ratio. MoneyGram expects to realize annual cash interest savings of approximately $28 million as a result of the refinancing.

The net proceeds from the new term loan were used to repay in full the company’s existing first lien credit facility and second lien notes. The company repaid its $485 million of existing first lien notes due in 2017 at par. The company also purchased and retired all $325 million of its outstanding 13.25% Senior Secured Second Lien Notes due in 2018 held by affiliates of Goldman, Sachs & Co. The purchase price for the second lien notes was 106.625% of the outstanding principal, plus accrued and unpaid interest.

“The completion of our debt refinancing represents a true milestone in the turn-around of MoneyGram. Our new term loan expands our first lien facility under favorable terms, extends maturities into 2020 and substantially reduces our interest expense. The successful placement of the new credit facility reflects the tremendous progress the company has made since the re-capitalization in 2008,” said Pamela H. Patsley, MoneyGram’s chairman and chief executive officer.

Bank of America Merrill Lynch and Wells Fargo Securities served as joint lead arrangers and J.P. Morgan Securities, Deutsche Bank Securities and Credit Agricole Corporate and Investment Bank served as joint bookrunners.

About MoneyGram International

MoneyGram International, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers bill payment services in the United States and Canada and money transfer services worldwide through a global network of more than 310,000 agent locations – including retailers, international post offices and financial institutions – in 197 countries and territories. …read more
Source: FULL ARTICLE at DailyFinance

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Walmart's 'Radical' Plan to Deliver Customers' Online Purchases

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By Reuters

Walmart Shoppers shopping for other shoppers - ZUMAPress.com

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ZUMAPress.com

By Alistair Barr and Jessica Wohl

SAN FRANCISCO — Walmart is considering a radical plan to have store customers deliver packages to online buyers, a new twist on speedier delivery services that the company hopes will enable it to better compete with Amazon.com Inc. (AMZN).

Tapping customers to deliver goods would put the world’s largest retailer squarely in middle of a new phenomenon sometimes known as “crowd-sourcing,” or the “sharing economy.”

A plethora of start-ups now help people make money by renting out a spare room, a car, or even a cocktail dress, and Walmart would in effect be inviting people to rent out space in their vehicle and their willingness to deliver packages to others.

Such an effort would, however, face numerous legal, regulatory and privacy obstacles, and Walmart executives said it was at an early planning stage.

Walmart Stores Inc. (WMT) is making a big push to ship online orders directly from stores, hoping to cut transportation costs and gain an edge over Amazon and other online retailers, which have no physical store locations. Walmart does this at 25 stores currently, but plans to double that to 50 this year and could expand the program to hundreds of stores in the future.

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Walmart currently uses carriers such as FedEx Corp. (FDX) for delivery from stores — or, in the case of a same-day delivery service called Walmart To Go that is being tested in five metro areas, its own delivery trucks.

“I see a path to where this is crowd-sourced,” Joel Anderson, chief executive of Walmart.com in the U.S., said in a recent interview with Reuters.

Walmart has millions of customers visiting its stores each week. Some of these shoppers could tell the retailer where they live and sign up to drop off packages for online customers who live on their route back home, Anderson explained.

Walmart would offer a discount on the customers’ shopping bill, effectively covering the cost of their gas in return for the delivery of packages, he added.

“This is at the brain-storming stage, but it’s possible in a year or two,” said Jeff McAllister, senior vice president of Walmart U.S. innovations.

Indeed, the likelihood of this being broadly adopted across the company’s network of more than 4,000 stores in the U.S. is low, according to Matt Nemer, a retail analyst at Wells Fargo Securities.

“I’m sure it will be a test in some stores,” he added. “But they may only keep it for metro markets and for higher-priced items.”

Legal Boundaries

Start-ups such as TaskRabbit and Fiverr already let individuals rent out their time and expertise to companies and people looking for small jobs to be completed.

Zipments was founded in 2010 as a crowd-sourced delivery network that allowed …read more
Source: FULL ARTICLE at DailyFinance

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Glimcher Realty Trust Closes $90 Million Preferred Share Offering

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By Business Wirevia The Motley Fool

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Glimcher Realty Trust Closes $90 Million Preferred Share Offering

COLUMBUS, Ohio–(BUSINESS WIRE)– Glimcher Realty Trust (NYSE: GRT) today closed the underwritten public offering of 3,600,000 of its 6.875% Series I Cumulative Redeemable Preferred Shares (the “Series I Preferred Shares”) with a liquidation preference of $25.00 per share. The offering generated net proceeds to the Company of approximately $86.8 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds to redeem 3,600,000 of Series G Cumulative Redeemable Preferred Shares.

The Company has filed an application to list the Series I Preferred Shares on the New York Stock Exchange under the symbol “GRTPRI”. Trading of the Series I Preferred Shares on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the Series I Preferred Shares.

Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint book-running managers. Jefferies LLC, Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated acted as co-managers for the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering may be made only by means of a prospectus supplement and related prospectus. Copies of the prospectus supplement and related prospectus for this offering may be obtained by contacting Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attention: Capital Markets Client Support, telephone (800) 326-5897 or e-mail request to cmclientsupport@wellsfargo.com; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 11th Floor, New York, NY 10038, Attention: Prospectus Department; telephone (800) 294-1322 or e-mail a request to dg.prospectus_requests@baml.com.

About Glimcher Realty Trust

Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of retail properties, including mixed use, open-air and enclosed regional malls as well as outlet centers. Glimcher owns material interests in and manages 29 properties with total gross leasable area totaling approximately 21.7 million square feet.

Glimcher Realty Trust‘s common shares are listed on the New York Stock Exchange under the …read more
Source: FULL ARTICLE at DailyFinance

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Wall Street Webcasting Presents Wells Fargo Securities: Small Depositors Spared, but Large Depositor

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By Business Wirevia The Motley Fool

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Wall Street Webcasting Presents Wells Fargo Securities: Small Depositors Spared, but Large Depositors and Bondholders Face Significant Haircuts in Cyprus Bailout Agreement

NEW YORK–(BUSINESS WIRE)– Wall Street Webcasting presents exclusive video of Rich Gordon, the highly regarded Fixed Income Market Strategist of Wells Fargo Securities (NYS: WFC) . This week Gordon discusses the terms for a 10 year bailout package for Cyprus to avoid them falling into default and a possible exit from the Euro. One of the conditions of the package is for two of the largest Cypriot banks to be made into one, while many of the distressed assets will be placed together in a separate entity.

Also in the package, Gordon points out that “depositors with less than a €100,000 would be made whole, but depositors with more than 100,000 would face sizeable losses.” In regards to the other Cyprus banks; large depositors may also face some “haircuts”, but Gordon stress that no small depositors will face a reduction of their deposit, no matter which bank it is.

To hear Gordon’s observations of the bailout and analysis of this effect the Euro and other markets, tune into Wells Fargo Securities’ newest video.

Please visit the following link to view the video:

http://www.wsw.com/webcast/wav/

Wall Street Webcasting
William Colon, 201-683-2100

KEYWORDS:   United States  North America  Cyprus  New York  Middle East

INDUSTRY KEYWORDS:

The article Wall Street Webcasting Presents Wells Fargo Securities: Small Depositors Spared, but Large Depositors and Bondholders Face Significant Haircuts in Cyprus Bailout Agreement originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Xcel Energy Subsidiary Public Service Company of Colorado Announces Debt Financing

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By Business Wirevia The Motley Fool

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Xcel Energy Subsidiary Public Service Company of Colorado Announces Debt Financing

MINNEAPOLIS–(BUSINESS WIRE)– Xcel Energy Inc. (NYS: XEL) subsidiary Public Service Company of Colorado (PSCo) today announced that it closed an offering of $250.0 million of 2.50% first mortgage bonds due March 15, 2023 (the 2023 Bonds) and $250.0 million of 3.95% first mortgage bonds due March 15, 2043 (the 2043 Bonds). The 2023 Bonds and the 2043 Bonds are redeemable at any time subject to certain “make whole” provisions prior to September 15, 2022 and September 15, 2042, respectively. On or after these dates, the bonds are callable at par.

Goldman, Sachs & Co., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities, LLC, acted as joint book-running managers for the offering.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering has been filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying prospectus for the offering may be obtained on the Securities and Exchange Commission‘s website at www.sec.gov. Alternatively, any underwriter or dealer participating in the offering will send you the prospectus if you request it by calling Goldman, Sachs & Co., toll free at 1-866-471-2526, J.P. Morgan Securities LLC collect at 1-212-834-4533, UBS Securities LLC toll-free at 1- 877-827-6444, extension 561 3884, or Wells Fargo Securities, LLC, toll free at 1-800-326-5897.

Xcel Energy (NYS: XEL) is a major U.S. electricity and natural gas company that provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies in eight Western and Midwestern states. Company headquarters are located in Minneapolis.

Xcel Energy
Financial analysts:
Paul Johnson, 612-215-4535
Vice President, Investor Relations & Business Development
or
News media inquiries:
Xcel Energy Media Relations, 612-215-5300

KEYWORDS:   United States  …read more
Source: FULL ARTICLE at DailyFinance

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American Campus Communities, Inc. Announces Pricing of $400 Million 3.750 Percent Senior Unsecured N

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By Business Wirevia The Motley Fool

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American Campus Communities, Inc. Announces Pricing of $400 Million 3.750 Percent Senior Unsecured Notes Due 2023

AUSTIN, Texas–(BUSINESS WIRE)– American Campus Communities, Inc. (NYS: ACC) , the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced that its operating partnership, American Campus Communities Operating Partnership LP, priced a $400 million offering of senior unsecured notes under its existing shelf registration. These ten-year notes were issued at 99.659 percent of par value with a coupon of 3.750 percent and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on April 15 and October 15, with the first payment beginning on October 15, 2013. The notes will mature on April 15, 2023. The Operating Partnership expects to use the net proceeds of approximately $394.9 million to repay the outstanding balance of its revolving credit facility, to fund its current development pipeline and potential acquisitions of student housing properties and for general business purposes. Settlement is scheduled for April 2, 2013.

BofA Merrill Lynch, Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities are Joint Book-Running Managers for the offering.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. A copy of the prospectus supplement and prospectus relating to the offering may be obtained by contacting Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York NY 10005, (800) 503-4611; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk – 3rd floor, by calling (212) 834-4533; Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 11th Floor, New York, NY 10038, Attention: Prospectus Department, by calling 800-294-1322 or by email at dg.prospectus_requests@baml.com; or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attention: Capital Markets Client Support, by telephone by calling (800) 326-5897 or e-mail request to cmclientsupport@wellsfargo.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any …read more
Source: FULL ARTICLE at DailyFinance

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St. Jude Medical Announces Public Offering of Senior Notes

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By Business Wirevia The Motley Fool

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St. Jude Medical Announces Public Offering of Senior Notes

ST. PAUL, Minn.–(BUSINESS WIRE)– St. Jude Medical, Inc. (NYS: STJ) today announced that it has priced an offering to sell $900 million of senior notes due 2023 (the “2023 Notes”) and $700 million of senior notes due 2043 (the “2043 Notes”). The 2023 Notes will bear interest at 3.25% per year and, unless previously redeemed, will mature on April 15, 2023. The 2043 Notes will bear interest at 4.75% per year and, unless previously redeemed, will mature on April 15, 2043.

The company intends to use the net proceeds to redeem in full its 3.75% senior notes due 2014 of which $700 million aggregate principal amount is outstanding and redeem in full its 4.875% senior notes due 2019 of which $500 million aggregate principal amount is outstanding and for general corporate purposes, which may include the repayment of short-term indebtedness.

BofA Merrill Lynch, Wells Fargo Securities and US Bancorp are acting as joint book-running managers for the offering. A shelf registration statement relating to the offering was filed with the U.S. Securities and Exchange Commission on March 21, 2013. This offering was made pursuant to a prospectus supplement to the company’s prospectus, dated March 21, 2013, filed as part of the company’s effective shelf registration statement relating to these securities.

Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting St. Jude Medical, One St. Jude Medical Drive, St. Paul, Minnesota 55117, Attention: Investor Relations Department.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About St. Jude Medical

St. Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcomes for every patient. St. Jude Medical is headquartered in St. Paul, Minn., and has four major focus areas that include cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please …read more
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Glimcher Realty Trust Announces Pricing of Series I Preferred Shares

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By Business Wirevia The Motley Fool

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Glimcher Realty Trust Announces Pricing of Series I Preferred Shares

COLUMBUS, Ohio–(BUSINESS WIRE)– Glimcher Realty Trust (NYSE: GRT) today announced that it has priced the underwritten public offering of 3,600,000 of its 6.875% Series I Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series I Preferred Shares”) at $25.00 per share. The offering is expected to close on March 27, 2013, subject to customary closing conditions. Distributions on the Series I Preferred Shares will be paid quarterly at a rate of 6.875% per annum of the liquidation preference of $25.00 per share, which is equivalent to $1.71875 per share on an annualized basis. The underwriters for the public offering have been granted a 30-day option to purchase up to 400,000 additional Series I Preferred Shares solely to cover overallotments, if any.

The estimated net proceeds from the offering are expected to be approximately $86.7 million, after deducting the underwriting discount and estimated offering expenses, but before giving effect to any exercise of the underwriters’ option to purchase additional shares. The Company intends to use the net proceeds from the offering to redeem a portion of its outstanding 8.125% Series G Preferred Shares of Beneficial Interest, and to the extent any excess proceeds are available, for general corporate purposes, which may include repaying outstanding indebtedness under the Company’s corporate credit facilities.

The Company intends to file an application to list the Series I Preferred Shares on the New York Stock Exchange under the symbol “GRTPRI.” If the application is approved, trading of the Series I Preferred Shares on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the Series I Preferred Shares.

Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated will act as joint book-running managers. Jefferies LLC, Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated are acting as co-managers for the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

An effective registration statement is on file with the Securities and Exchange Commission. The offering may be made only by means of a prospectus supplement and related prospectus. Copies of the prospectus supplement and related prospectus for this offering may be obtained by contacting Wells Fargo Securities, LLC, …read more
Source: FULL ARTICLE at DailyFinance