On Thursday, Shares of Arch Coal Inc (NYSE:ACI), gained 6.90% to $0.355.
Arch Coal Inc, declared the launch of a private offer to exchange new 6.25% Trust Certificates due 2021, 8.00% Senior Secured Notes due 2022 and 12.00% Senior Secured Second Lien Notes due 2023 for its outstanding 7.000% Senior Notes due 2019, 9.875% Senior Notes due 2019 and 7.250% Senior Notes due 2021 (“Old 7.250% 2021 Notes” and, together with the Old 7.000% 2019 Notes and the Old 9.875% 2019 Notes, the “Old Notes”).
The Trust Certificates represent a fractional undivided interest in Arch Pass Through Trust, a Delaware statutory trust (the “Trust” and, together with Arch, the “Issuers”) whose only assets will be (i) senior secured term loans due 2021 (the “New Term Loans”) issued as incremental debt under Arch’s existing credit agreement and (ii) senior secured revolving commitments (the “New Revolving Loans”). The New Revolving Loans will be transferred to the Trust either by the assignment of existing revolving commitments or by the creation of an incremental revolving credit facility in lieu of the existing revolving credit facility, and all existing commitments would be terminated at the closing of this transaction. The aggregate principal amount of New Term Loans and New Revolving Loans outstanding at any time may not exceed $404 million, and will be equal to the principal amount of Trust Certificates issued in the Exchange Offer and in a concurrent exchange offer. The Trust is not, and will not be, a partner or associate of Arch and the Trust Certificates will not be guaranteed or insured by any person or entity, counting Arch.
Arch Coal, Inc. produces and sells thermal and metallurgical coal from surface and underground mines located in the United States. As of December 31, 2014, it operated or contracted out the operation of 16 mines; and owned or controlled about 5.1 billion tons of proven and probable recoverable reserves.
Shares of Goldcorp Inc. (USA) (NYSE:GG), inclined 1.89% to $16.18, during its last trading session.
Goldcorp Inc., declared secondary offering of the shares in Tahoe Resources Inc. (“Tahoe”) (TSX: THO, NYSE: TAHO, BVL: THO). A total of 58,051,692 Tahoe common shares beneficially held by Goldcorp were sold at an offering price of C$17.20 per share (the “Offering”) for gross proceeds of about C$1 billion . The Offering was accomplished through a syndicate of underwriters led by GMP Securities L.P. and BMO Nesbitt Burns Inc. acting as joint bookrunners and counting CIBC World Markets Inc., HSBC Securities ( Canada ) Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Citigroup Global Markets Canada Inc., Credit Suisse Securities ( Canada ), Inc., Goldman Sachs Canada Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc., Morgan Stanley Canada Ltd., Beacon Securities Limited, Canaccord Genuity Corp., Cormark Securities Inc., Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., Paradigm Capital Inc. and Raymond James Ltd.
“This transaction is compriseent with our long-term commitment to maintaining a strong balance sheet,” said Chuck Jeannes , Goldcorp President and CEO. “The team at Tahoe has done an outstanding job of creating shareholder value and we wish them continued success in the future.”
Goldcorp Inc. engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America.
Finally, Voya Financial Inc (NYSE:VOYA), ended its last trade with -0.80% loss, and close at $46.97.
Voya Financial, Inc. (VOYA), declared that it has designated David Wilken as president of the company’s Individual Life business, effective right away. In this role, Wilken will be responsible for the implementation and execution of a refined vision and strategy for the business, which supports Voya’s broader focus on assisting customers as they plan, invest and protect their savings for retirement. He will have overall responsibility for the strategy of the Individual Life business, and will directly manage product teams, distribution and sales, business development and underwriting. He will also join Voya’s Operating Committee. Wilken reports directly to Insurance Solutions Chief Executive Officer Michael Smith, who oversees the Individual Life, Employee Benefits and Closed Block Variable Annuity segments.
“With nearly 30 years of finance and sales leadership experience for Voya and its legacy companies, Dave has a true passion for life insurance and how it can assist customers grow, protect and enjoy their retirement savings,” said Smith. “Dave has been instrumental in our journey as Voya and has assisted our Individual Life business adapt to a dynamically changing market. His strong industry and institutional knowledge, together with a deep understanding of consumers and distributor needs, makes Dave the ideal candidate to lead the business as we advance Voya’s vision to be America’s Retirement Company.”
Voya Financial, Inc. operates as a retirement, investment, and insurance company in the United States. The company has five segments: Retirement, Annuities, Investment Administration, Individual Life, and Employee Benefits.
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