On Friday, BioDelivery Sciences International, Inc. (NASDAQ:BDSI)’s shares inclined 1.43% to $8.54.
BioDelivery Sciences International, Inc. (BDSI) together with its merged auxiliaries, Arius Pharmaceuticals, Inc., a Delaware corporation (“Arius”), and Arius Two, Inc., a Delaware corporation (“Arius Two”, and together with Arius, the “Auxiliaries”, and the Auxiliaries together with the Company, collectively, the “Borrowers”), reached a $30 million secured loan facility (the “Loan Transaction” and such loan, the “Loan”) with MidCap Financial Trust, as agent and lender (“MidCap”), following the terms and conditions of that certain Amended and Restated Credit and Security Agreement, dated as of May 29, 2015 (the “Credit Agreement”), among the Borrowers and MidCap. The Credit Agreement is a restatement, amendment and modification of a prior Credit and Security Agreement, dated as of July 5, 2013 (the “Prior Agreement”) among the Borrowers, MidCap Financial SBIC, LLP, a predecessor to MidCap, and certain lenders thereto. The Credit Agreement restructures, renews, extends and modifies the obligations under the Prior Agreement and the other financing documents executed in connection with the Prior Agreement (the “Prior Loan”). The amount of principle under the Prior Loan, which was comprised of as part of the Loan, was about $9.3 million. The Company received net Loan proceeds in the aggregate amount of about $20.1 million and will use the Loan proceeds for general corporate purposes or other activities of Borrower and its Auxiliaries permitted under the Credit Agreement.
The Loan has a term of 42 months, with interest only payments for the first 12 months. The interest rate is 8.45% plus a LIBOR floor of 0.5%, with straight line amortization, commencing on June 1, 2016, in an amount equal to $1 million per month. Upon execution of the Credit Agreement, the Company paid to MidCap a closing fee from the prior loan of about $445,000. Upon repayment in full of the Loan, the Company is obligated to make a final payment fee equal to 2.75% of the aggregate Loan amount. In addition, the Company may prepay all or any portion of the Loan at any time subject to a prepayment premium of: (i) 5% of the Loan amount prepaid in the first year following the execution of the Credit Agreement and (ii) 3% of the Loan amount prepaid in each year thereafter.
BioDelivery Sciences International, Inc., a specialty pharmaceutical company, engages in the development and commercialization of pharmaceutical products principally in the areas of pain administration and addiction.
NRG Yield, Inc. Class C (NYSE:NYLD)’s shares gained 0.20% to $24.47.
NRG Yield, Inc. (NYSE:NYLD, NYLD.A), through its partner NRG Yield Operating LLC, has reached a contract with GE Unit (GE) GE Energy Financial Services to acquire its 25 percent interest in the Desert Sunlight Solar Farm in Riverside, CA for $285 million, subject to customary working capital adjustments, plus the assumption of $287.4 million of non-recourse project level debt. The acquisition, which provides NRG Yield with a total ownership of 137.5 megawatts (MW) of operating solar capacity, will place NRG Yield into a partnership with auxiliaries of NextEra Energy and Sumitomo Financial, who are the 50 percent and 25 percent owners of Desert Sunlight, respectively.
The transaction is predictable to enhance both the annual run-rate EBITDA by about $45 million and cash accessible for distribution by about $22 million by 2016.
NRG Yield, Inc., through its auxiliaries, acquires, owns, and operates contracted renewable and conventional generation, and thermal infrastructure assets in the United States. As of December 31, 2014, it had 4 natural gas or dual-fired facilities, 4 thermal generation facilities, 11 utility-scale solar and wind generation facilities, and 2 portfolios of distributed solar facilities with a capacity of about 2,984 net megawatt (MW). The company also owns thermal infrastructure assets with an aggregate steam and chilled water capacity of 1,467 net MW thermal equivalents, and electric generation capacity of 233 net MW.
At the end of Friday’s trade, Penn National Gaming, Inc (NASDAQ:PENN)‘s shares dipped -0.44% to $18.08.
Penn National Gaming, Inc (PENN) declared the appointment of Bob Sheldon as President of Las Vegas Operations effective July 6, 2015, subject to regulatory approvals. In this newly created position, Mr. Sheldon will oversee the operations of Tropicana Las Vegas following the completion of the Company’s acquisition of the iconic Strip property, which is predictable to occur later this year, in addition to the operations of the M Resort in Henderson. Mr. Sheldon will report directly to Jay Snowden, Penn National’s Chief Operating Officer.
Bob Sheldon presently serves as the General Manager of Hollywood Casino at Kansas Speedway, which is jointly owned with International Speedway Corporation, and was responsible for the property’s successful opening in February 2012. A search for his replacement is underway.
Penn National Gaming, Inc. owns and operates gaming and pari-mutuel properties. It operates through East/Midwest, West, and Southern Plains segments. The company is involved in gaming and racing operations. As of December 31, 2014, it operated 26 facilities in 17 jurisdictions, counting Florida, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. The company was formerly known as PNRC Corp. and changed its name to Penn National Gaming, Inc. in 1994. Penn National Gaming, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania.
Star Bulk Carriers Corp. (NASDAQ:SBLK), ended its Friday’s trading session with 1.58% gain, and closed at $3.22.
Star Bulk Carriers Corp. (SBLK) a global shipping company providing transportation solutions in the dry bulk sector, recently declared the sale of M/V Star Mega (a 170,631 dwt Capesize vessel, built in 1994) to an unassociated third party (the “Buyers”). The Company delivered the Vessel to the Buyers on June 18, 2015.
Star Bulk Carriers Corp., a shipping company, provides seaborne transportation solutions in the dry bulk sector worldwide. Its vessels transport various bulks, which comprise iron ore, coal, and grain, in addition to bauxite, fertilizers, and steel products. As of April 21, 2015, the company owned 70 dry bulk vessels, counting 1 Newcastlemax, 19 Capesize, 4 Post-Panamax, 20 Kamsarmax, 8 Panamax, 7 Ultramax, 10 Supramax, and 1 Handymax vessel with a total carrying capacity of 7.2 million dwt. It also provides vessel administration services to dry bulk vessels. Star Bulk Carriers Corp. is based in Athens, Greece.
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