On Tuesday, Shares of Level 3 Communications, Inc. (NYSE:LVLT), gained 1.55% to $54.28.
Level 3 Communications, declared that Level 3 Financing, Inc., its wholly owned partner, has agreed to sell $700 million aggregate principal amount of its 5.125% Senior Notes due 2023 and $800 million aggregate principal amount of 5.375% Senior Notes due 2025 in a private offering to “qualified institutional buyers”, as defined in Rule 144A under the Securities Act of 1933, as amended, and non-U.S. persons outside the United States under Regulation S under the Securities Act of 1933, as amended.
The new 2023 Notes were priced to investors at 100 percent of their principal amount and will mature on May 1, 2023. The new 2025 Notes were priced to investors at 100 percent of their principal amount and will mature on May 1, 2025. Level 3 Financing’s obligations under each series of Notes will be fully and unconditionally guaranteed on an unsecured basis by Level 3 Communications, Inc.
The net proceeds from the offering of the Notes, together with cash on hand, will be used to (i) redeem, satisfy and discharge, defease or otherwise repay or retire all of Level 3 Financing’s about $1.2 billion outstanding aggregate principal amount of 8.125% Senior Notes due 2019 and (ii) redeem, satisfy and discharge, defease or otherwise repay or retire all of Level 3 Communications, Inc.’s about $300 million outstanding aggregate principal amount of 8.875% Senior Notes due 2019.
The offering is predictable to be accomplished on April 28, 2015, subject to the satisfaction or waiver of customary closing conditions.
Level 3 Communications, Inc., together with its auxiliaries, operates as a facilities-based provider of a range of integrated communications services primarily in North America, Latin America, Europe, the Middle East, and Africa.
Shares of Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT), gained 1.53% to $83.73, during its last trading session.
Starwood Hotels & Resorts Worldwide, introduced Tribute Portfolio™, the company’s 10th brand and second collection of independent hotels. Promising owners, Starwood Preferred Guest® (SPG®) members and guests the ability to “Stay Independent,” the Tribute Portfolio brand will be comprised of outstanding independent hotels and resorts. With a firm focus on upper upscale hotels, Tribute Portfolio will complement Starwood’s The Luxury Collection brand and further solidify Starwood as the world’s most global high-end hotel company. The brand made its debut with its first featured hotel, the iconic Royal Palm South Beach Miami and will soon open new hotels in Asheville, North Carolina, Nashville, Tennessee, Savannah, Georgia, and Charleston, South Carolina.
Starwood Hotels & Resorts Worldwide, Inc., together with its auxiliaries, operates as a hotel and leisure company worldwide. The company owns, operates, and franchises luxury and upscale full-service hotels, resorts, residences, retreats, select-service hotels, and extended stay hotels under the St. Regis, The Luxury Collection, W, Westin, Le Méridien, Sheraton, Four Points, Aloft, and Element brand names.
At the end of Tuesday’s trade, Shares of Inovio Pharmaceuticals, Inc. (NASDAQ:INO), gained 1.50% to $10.48.
Inovio Pharmaceuticals, declared that it has initiated a phase I trial to evaluate Inovio’s DNA immunotherapy in patients who are chronically infected with hepatitis B. In 2013, Roche and Inovio reached a partnership to co-develop and commercialize Inovio’s hepatitis B immunotherapy. This trial initiation triggers a $3 million milestone payment from Roche to Inovio.
This phase I, randomized, open-label, active-controlled, dose escalation study will evaluate the safety, tolerability, and immunogenicity of Inovio’s hepatitis B immunotherapy, INO-1800, alone or in combination with INO-9112, Inovio’s IL-12-based immune activator. This international study will enroll patients in the United States and Asia Pacific region with a primary endpoint of safety and tolerability of the therapy. The secondary endpoints will evaluate the cellular and humoral immune response to INO-1800 and investigate the therapy’s effect on several viral and antiviral parameters. All trial subjects are also medicated with standard-of-care antiviral therapies.
Inovio Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, develops active DNA immunotherapies and vaccines in combination with proprietary electroporation delivery devices to prevent and treat cancers and infectious diseases.
Finally, Amgen Inc. (NASDAQ:AMGN), ended its last trade with 1.50% gain, and closed at $168.46.
Amgen, declared financial results for the first quarter of 2015. Key results comprise:
- Total revenues raised 11 percent as compared to the first quarter of 2014 to $5,033 million, with 12 percent product sales growth driven primarily by Enbrel® (etanercept), Prolia® (denosumab), EPOGEN® (epoetin alfa), Sensipar® (cinacalcet) and XGEVA® (denosumab). Unfavorable changes in foreign exchange rates influenceed total revenue and product sales growth by 2 percentage points.
- Adjusted EPS grew 33 percent as compared to the first quarter of 2014 to $2.48 driven by higher revenues and lower operating expenses. Adjusted operating income raised 32 percent to $2,449 million.
- GAAP EPS were $2.11 contrast to $1.40 and GAAP operating income was $2,022 million contrast to $1,364 million.
- The Company generated $1.2 billion of free cash flow contrast to $1.0 billion in the first quarter of 2014.
Amgen Inc., a biotechnology company, discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses for the treatment of illness in the areas of oncology, hematology, inflammation, bone health, nephrology, cardiovascular, and general medicine.
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