On Friday, Shares of SandRidge Energy, Inc. (NYSE:SD), lost -4.37% to $0.52.
SandRidge Energy declared that the Company has reached privately negotiated purchase and exchange agreements under which it will repurchase $250 million aggregate principal amount of its senior unsecured notes for $94.5 million cash and exchange $275 million of notes into new convertible notes.
Specifically, the Company will repurchase $29.3 million aggregate principal amount of its 8.75% Senior Notes due 2020, $111.6 million aggregate principal amount of its 7.5% Senior Notes due 2021, $26.1 million aggregate principal amount of its 8.125% Senior Notes due 2022, and $83.0 million aggregate principal amount of its 7.5% Senior Notes due 2023 for an aggregate of $94.5 million in cash.
SandRidge Energy, Inc., an oil and natural gas company, explores for and produces oil and natural gas properties primarily in the Mid-Continent region of the United States.
Shares of MBIA Inc. (NYSE:MBI), inclined 4.77% to $6.81, during its last trading session.
MBIA declared that it has agreed to repurchase 7.6 million of its common shares in connection with the sale by investment funds associated with Warburg Pincus LLC of their remaining 18.4 million shares of the Company. The repurchase transaction, together with open market share repurchases, will bring the total number of shares repurchased since the Company stated its second quarter financial results on August 4, 2015 to about 10.4 million shares at an average price of $6.42. Following the completion of the repurchase transaction, 158 million of the Company’s common shares will be outstanding and about $33 million of authorized capacity will remain under the share repurchase program declared by the Company on July 29, 2015.
MBIA Inc. provides financial guarantee insurance services to public finance markets in the United States and internationally. The company operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments.
Finally, CaesarStone Sdot-Yam Ltd. (NASDAQ:CSTE), ended its last trade with -3.76% loss, and closed at $49.35.
Caesarstone Sdot-Yam stated financial results for its second quarter ended June 30, 2015.
Revenue in the second quarter of 2015 raised to a record of $127.5 million, up 9.9% contrast to $116.1 million in the same quarter of the preceding year. On a constant currency basis, second quarter revenue growth was 20.2% contrast to the same period last year. Growth in revenue was primarily driven by the United States, which raised by 19.2% to $57.1 million, and Canada, which raised by 24.4% to $19.1 million despite pressure from foreign exchange rate changes.
Gross margin in the second quarter was 41.3% contrast to 41.0% in the same period of the preceding year. This was driven primarily by favorable product mix, lower cost of polyester and benefits of scale. These factors were partially offset by start-up costs related to the U.S. manufacturing facility and negative exchange rate fluctuations.
Operating expenses in the second quarter were $24.3 million, or 19.1% of revenue. This compares to the preceding year second quarter level of $24.1 million, or 20.7% of revenue. This 160 basis point improvement reflects the scale-related benefit of raised revenues, in addition to the non-recurrence of several discrete expense items incurred in the second quarter last year, primarily costs associated with the secondary offering in the preceding year.
Operating income in the second quarter was up 20% to $28.3 million contrast to $23.6 million in the second quarter of 2014.
Caesarstone Sdot-Yam Ltd. and its auxiliaries manufacture and sell engineered quartz surfaces under the Caesarstone brand in the United States, Australia, Canada, Israel, Europe, and internationally.
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