On Friday, in the course of current trade, Shares of Alcoa Inc. (NYSE:AA), dropped -0.92%, and is now trading at $12.39.
Alcoa, declared that it is supplying a high-strength, aerospace-grade aluminum to Samsung for its latest smartphones —the Galaxy S6 and S6 edge. This marks the first time the global electronic giant will use an aluminum frame for its Galaxy S flagship model. The Company’s aerospace-grade aluminum, 6013 Alcoa Power Plate™, is 70 percent stronger than standard aluminum used in similar devices, creating a thinner, lighter, sleeker design.
Smartphones with metal frames are predictable to grow almost 250 percent by 2016 from 2014, creating stronger demand for aluminum to protect mobile devices. Developed by Alcoa Technical Center scientists, innovators in metal science, the Alcoa Power Plate aerospace-grade aluminum combines advanced strength and corrosion resistance for products that require superior durability.
Samsung Galaxy S6 phones with Alcoa Power Plate are now accessible globally.
Alcoa Inc. produces and manages primary aluminum, fabricated aluminum, and alumina worldwide. The company operates through four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions.
Shares of Teva Pharmaceutical Industries Limited (NYSE:TEVA), during its Friday’s current trading session fell -1.23%, and is now trading at $60.98.
Teva Pharmaceutical, declared the launch of the generic equivalent to INTUNIV® (guanfacine) 1 mg, 2 mg, 3 mg, and 4 mg, in the United States. Guanfacine extended-release tablets are a nonstimulant medication for the treatment of attention deficit hyperactivity disorder (ADHD) that can be used alone, or as an add-on to stimulant medications.
ADHD is the most common neurobehavioral disorder diagnosed in children in the United States. ADHD affects 1 in 10 U.S. children and half of these children are diagnosed by the age of six.
INTUNIV® (guanfacine) 1 mg, 2 mg, 3 mg, and 4 mg, had total market sales of about $804 million in the United States, according to IMS data as of March 2015.
Teva Pharmaceutical Industries Limited develops, manufactures, markets, and distributes generic, specialty, and other pharmaceutical products worldwide. The company operates in two segments, Generic Medicines and Specialty Medicines. The Generic Medicines segment offers generic or branded generic medicines; specialized products, such as sterile products, hormones, narcotics, high-potency drugs, and cytotoxic substances; and active pharmaceutical ingredients.
Finally, Warren Resources Inc. (NASDAQ:WRES), lost -2.65% Friday.
Warren Resources, declared the closing of a $250 million planned refinancing with funds sponsored by Franklin Square Capital Partners and sub-advised by GSO Capital Partners LP, the credit division of Blackstone, providing Warren with both liquidity and a platform to continue its growth initiatives.
The first lien term loan provides Warren with $202.5 million of new money, counting $172.5 million borrowed at closing for working capital and to repay Warren’s existing revolving credit facility, a $30 million delayed draw first lien commitment, and $47.2 million of additional first lien term loans through the exchange of $69.6 million of unsecured notes at an exchange price of 65% of par. The new first lien loan has a term of five years, and a coupon rate of LIBOR plus 8.5%, with a LIBOR floor of 1%. The transaction also allows Warren to exchange additional unsecured debt at a discount into second lien debt, subject to incurrence tests. As of May 26, 2015, Warren has $14.7 million of cash on hand.
Jefferies LLC served as financial advisor to Warren for these transactions.
Warren Resources, Inc., an independent energy company, engages in the exploration, development, and production of domestic onshore crude oil and gas reserves. The company primarily focuses on the exploration and development of waterflood oil recovery projects in the Wilmington field within the Los Angeles Basin of California; Marcellus Shale project in northeastern Pennsylvania; and coalbed methane natural gas properties located in the Rocky Mountain region.
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