On Monday, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), gained 0.24% to $8.37.
Petróleo Brasileiro S.A., said on Monday it has sold $2.5 billion in 100-year bonds, as its cost of borrowing surged in the wake of a giant corruption scandal and concern about its soaring debt, one of the world’s largest, rose, according to Reuters.
Petroleo Brasileiro SA, as the company is formally known, sold the 6.85 percent bonds due in June 2115 at 81.07 percent of face value to yield 8.45 percent.
Because of the discount, Petrobras raised about $2.03 billion in the sale.
While the sale shows that investors are still willing to loan money to the company after a price-fixing, bribery and political kick-back scandal led to about $17 billion in write-downs, investors are demanding higher returns from the Rio de Janeiro-based company despite low international interest rates.
Petrobras sold $1.8 billion of 5.625 percent 30-year bonds in May 2013 to yield 7.3 percent; it was borrowing similar amounts in dollars for less than 4 percent as recently as 2012.
Deutsche Bank and JP Morgan managed the sale, Reuters Reports.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of ON Semiconductor Corp. (NASDAQ:ON), declined -1.28% to $13.09, during its last trading session, hitting its highest level.
ON Semiconductor Corporation, declared that it intends to offer, subject to market and other conditions, $600 million aggregate principal amount of Convertible Senior Notes due 2020 in a private offering. The notes will be offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. ON Semiconductor also anticipates to grant to the initial purchasers of the notes a 30-day option to purchase up to an additional $90 million aggregate principal amount of notes.
ON Semiconductor intends to use the net proceeds: (i) to fund the cost of the convertible note hedge transactions described below (the cost of which will be partially offset by the proceeds that ON Semiconductor will receive from entering into the warrant transactions described below); (ii) to fund the repurchases of up to $100 million of ON Semiconductor common stock, up to $70 million of which is predictable to be purchased from purchasers of notes in the offering in privately negotiated transactions effected through one or more of the initial purchasers or its associates conducted concurrently with the pricing of the notes, and the balance of which is predictable to be purchased in the open market after the pricing of the notes, (iii) to repay $350 million of borrowings outstanding under its revolving credit facility and (iv) for general corporate purposes, counting additional share repurchases and potential acquisitions.
ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates in four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group.
At the end of Monday’s trade, Shares of Southern Company (NYSE:SO), lost -0.05% to $43.67.
Building on one of the nation’s largest renewable energy portfolios, Southern Company partner Southern Power has declared the acquisition of the Pawpaw Solar Facility – a 30-megawatt (MW) project – from Longview Solar LLC. With the addition of the company’s fifth solar acquisition in Georgia, Southern Power is developing a total of 385 MW of solar generation in the state.
The Pawpaw Solar Facility was initially projected by Longview Solar LLC – a joint venture of Elemental Energy Inc. and TUUSSO Energy, LLC – and selected by Southern Company partner Georgia Power in a competitive process through the nationally recognized Georgia Power Advanced Solar Initiative.
The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under a 30-year power purchase agreement with Georgia Power, which will have the option to keep or sell the RECs for the benefit of its customers or renewable energy programs.
To be located on about 416 acres in Taylor County, Georgia, the Pawpaw Solar Facility is predictable to comprise of about 137,000 polycrystalline solar modules from Trina Solar mounted on single-axis tracking tables manufactured by NEXTracker. Construction is slated to start this month, and the facility is predictable to enter commercial operation in the fourth quarter of 2015.
Once accomplished, operation and maintenance will be managed by Southern Power. DEPCOM Power will serve as the engineering, procurement and construction contractor.
The Southern Company, together with its auxiliaries, operates as a public electric utility company. It is involved in the generation, transmission, and distribution of electricity through coal, nuclear, oil and gas, and hydro resources in the states of Alabama, Georgia, Florida, and Mississippi.
Finally, MetLife, Inc. (NYSE:MET), ended its last trade with 0.02% gain, and closed at $52.27.
MetLife, declared a tender offer for any and all of its 60,000,000 outstanding shares of 6.500% Non-Cumulative Preferred Stock, Series B (CUSIP No. 59156R603), par value $0.01 per share and liquidation preference $25.00 per share. The tender offer is being made solely following the Offer to Purchase dated June 1, 2015 and the accompanying Letter of Transmittal. The terms and conditions of the tender offer are more fully set forth in those documents.
Upon and subject to the conditions set forth in the Offer to Purchase, MetLife is offering to pay a purchase price of $25.00 per Series B Preferred Share, plus an amount equal to accrued, unpaid and undeclared dividends from, and counting June 15, 2015, to, but not taking into account, the settlement date for the tender offer, for Series B Preferred Shares properly tendered and not properly withdrawn. MetLife presently anticipates the settlement date of the tender offer to be June 29, 2015.
The tender offer will expire at 12:00 midnight, New York City time, on June 26, 2015 (which is the end of the day on June 26, 2015), unless the tender offer is extended or earlier terminated by MetLife. Tenders of Series B Preferred Shares must be made on or preceding to the expiration of the tender offer to receive the purchase price and may be withdrawn at any time preceding to the expiration of the tender offer, in each case, in accordance with the procedures described in the Offer to Purchase and accompanying Letter of Transmittal.
MetLife, Inc. provides life insurance, annuities, employee benefits, and asset administration products in the United States, Japan, Latin America, Asia, Europe, and the Middle East. It operates in six segments: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; Latin America; Asia; and Europe, the Middle East and Africa.
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