During Thursday’s Current trade, Shares of Planned Hotels and Resorts Inc (NYSE:BEE), lost -0.65% to $13.68.
Planned Hotels and Resorts Inc (BEE) declared that it has closed a new $750.0 million unsecured credit facility with an accordion feature allowing for additional borrowing capacity up to $1.0 billion. The new facility is comprised of a $450.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan. The new facility replaces a $300.0 million stock secured revolving credit facility.
The new revolving credit facility’s interest rate is based upon a leverage-based pricing grid ranging from LIBOR plus 165 basis points to LIBOR plus 240 basis points. Initial pricing will be LIBOR plus 165 basis points, which is a reduction from the previous facility’s pricing of LIBOR plus 200 basis points. The new term loan’s interest rate is also based upon a leveraged based pricing grid ranging from LIBOR plus 160 basis points to LIBOR plus 235 basis points. Initial pricing will be LIBOR plus 160 basis points. At closing, the Company has $80.0 million outstanding on the revolving credit facility in addition to the $300.0 million funded unsecured term loan. The combined unsecured facility has a five-year term and will mature in May 2020.
Planned Hotels & Resorts, Inc is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It is owner and asset manager of the highest quality portfolio of upper-upscale and luxury hotels and resorts. The firm was formerly known as Planned Hotel Capital Inc. Planned Hotels & Resorts, Inc was founded in 1997 and is based in Chicago, Illinois.
Shares of MBIA Inc. (NYSE:MBI), declined -3.49% to $6.49, during its current trading session.
MBIA Inc. (MBI) stated Combined Operating Income (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) of $19 million or $0.11 per diluted share for the second quarter of 2015 contrast with Combined Operating Income of $2 million or $0.01 per diluted share for the second quarter of 2014. The improvement in Combined Operating Income for the three months ended June 30, 2015 contrast with the same period of 2014 was driven primarily by a lower tax provision, as the 2014 quarter had a higher effective tax rate due to a tax reserve enhance. In addition, higher refunding premiums earned and lower expenses, counting a 53 percent reduction of loss and loss adjustment expenses, contributed to the improved 2015 results. The Company’s share repurchases further contributed to the enhance in Combined Operating Income per share.
Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $27.00 as of June 30, 2015 contrast with $25.78 as of March 31, 2015 and $24.87 as of December 31, 2014. The enhances in ABV per share since year-end 2014 have primarily been driven by decreases in common shares outstanding. During the first and second quarters of 2015, the Company repurchased 8.6 million and 11.6 million, respectively, of its common shares.
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. It issues financial guarantees for municipal bonds, counting tax-exempt and taxable indebtedness, in addition to utility districts, airports, health care institutions, higher educational facilities, student loan issuers, housing authorities, and other similar agencies and obligations issued by private entities.
Masco Corp (NYSE:MAS), during its Thursday’s current trading session gained 0.30% to $27.17.
Masco Corporation (MAS) declared recently its plan to relocate its corporate headquarters to Livonia, Mich., by the end of 2016. The plan will take employees from its current headquarters, located in Taylor, Mich., into a new, 75,000-square-foot, state-of-the-art facility located at West Seven Mile Road and Haggerty Road, adjacent to Schoolcraft College.
Allman continued, “Masco has had a long, successful history in Taylor and this campus has served us well. We have certainly enjoyed and benefited from being part of the Taylor community and are grateful for its longstanding support.”
Masco’s current headquarters, built in 1966, is located at 21001 Van Born Road and has over 400,000 square feet of office space. The Masco Research and Development Center will remain at its location at 26855 Trolley Industrial Drive in Taylor, Mich.
Masco Corporation manufactures, distributes, and installs home improvement and building products worldwide. The company’s Cabinets and Related Products segment provides cabinetry for kitchen, bath, storage, home office, and home entertainment applications; and kitchen countertops, and integrated bathroom vanity and countertop solutions. Its Plumbing Products segment offers faucets, showerheads, handheld showers, valves, bathing units, and toilets; acrylic tub and shower systems, bath and shower enclosure units, shower trays, and laundry tubs, in addition to spas; and brass and copper plumbing system components, and other plumbing specialties.
Finally, Discover Financial Services (NYSE:DFS), decreased -0.88%, to $55.00.
Discover is giving students who sign up for a new Discover student credit card an added incentive to get good grades while they are in school. New student cardmembers who apply after July 23, 2015 will be rewarded with $20 in Cashback Bonus® if their grade point average is 3.0 (or equivalent) or higher each year they are enrolled in school, for the first five years from the account opening.
The Good Grades $20 Cashback Bonus will be in addition to the current rewards structures for the two student credit cards Discover has accessible:
- Discover it® chrome for Students offers an automatic 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases quarterly.
- Discover it® for Students offers 5% cash back in categories that change each quarter, up to the quarterly maximum in combined purchases, when you sign up.
- Both cards earn 1% cash back on all other purchases.
Discover Financial Services operates as a direct banking and payment services company in the United States. It operates in two segments, Direct Banking and Payment Services. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, counting private student loans, personal loans, home loans, home equity loans, prepaid cards, and other consumer lending, in addition to deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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