On Friday, Quantum Corporation (NYSE:QTM)’s shares surged 23.49% to $1.84, hitting its highest level, after Quantum Corporation, declared positive preliminary results for the fiscal fourth quarter 2015 ended March 31, 2015.
Quantum will issue a news release on its fourth quarter and full year 2015 financial results on Wednesday, May 6, 2015, after the close of the market. The company will also hold a conference call and live audio webcast to talk about these results that same day at 2:00 p.m. PDT.
Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges.
Excel Trust, Inc. (NYSE:EXL)’s shares gained 14.31% to $15.82, during the last trading session on Friday, hitting its highest level, after Excel Trust declared that it has reached a definitive contract with Blackstone Property Partners L.P., under which Blackstone will attain all outstanding shares of ordinary stock of Excel Trust for $15.85 per share in an all-cash transaction valued at about $2 billion.
The transaction has been unanimously approved by Excel Trust’s Board of Directors and represents a premium of nearly 15% over the Company’s closing stock price on April 9, 2015. In addition to the ordinary stock dividend of $0.18 per share payable on April 15, 2015, Excel Trust intends to pay an additional ordinary stock dividend in July 2015, but, under the terms of the contract, not for any quarter thereafter.
Blackstone will be making this investment through Blackstone Property Partners (“BPP”), its Core+ real estate investment unit. BPP targets substantially stabilized office, retail, industrial, and multifamily assets located in primary U.S. markets.
Completion of the transaction, which is presently predictable to occur in the second half of 2015, is contingent upon customary closing conditions, counting the approval of Excel Trust’s stockholders, who will vote on the transaction at a special meeting on a date to be declared. The transaction is not contingent on receipt of financing by Blackstone.
Morgan Stanley & Co. LLC acted as financial advisor to Excel Trust and Latham & Watkins LLP is acting as Excel Trust’s legal advisor. Eastdil Secured / Wells Fargo Securities, LLC is acting as Blackstone’s lead financial advisor, with Barclays also acting as a financial advisor in connection with the transaction. Simpson Thacher & Bartlett LLP is acting as legal advisor to Blackstone.
Excel Trust, Inc. engages in financing, developing, leasing, owning and managing community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The company was founded in 2009 and is based in San Diego, California.
At the end of Friday’s trade, General Electric Company (NYSE:GE)’s shares gained 10.80% to $28.51, hitting its highest level, after an infrastructure and financial services company declared that it will create a simpler, more valuable company by reducing the size of its financial businesses through the sale of most GE Capital assets and by focusing on continued investment and growth in its world-class industrial businesses.
GE and its Board of Directors have determined that market conditions are favorable to pursue disposition of most GE Capital assets over the next 24 months except the financing “verticals” that relate to GE’s industrial businesses. Under the plan, the GE Capital businesses that will remain with GE will account for about $90 billion in ending net investments (ENI) not including liquidity – about $40 billion in the U.S. – with predictable returns in excess of their cost of capital.
“This is a major step in our strategy to focus GE around its competitive advantages,” GE Chairman and CEO Jeff Immelt said. “GE recently is a premier industrial and technology company with businesses in essential infrastructure industries. These businesses are leaders in technology, the Industrial Internet and advanced manufacturing. They are well-positioned in growth markets and are delivering superior customer outcomes, while achieving higher margins. They will be paired with a smaller GE Capital, whose businesses are aligned with GE’s industrial growth.”
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Finally, Blackstone Mortgage Trust, Inc. (NYSE:BXMT), ended its Friday’s trading session with 7.21% gain, and closed at $30.18, hitting its highest level, after a real estate finance company, declared that it has signed a definitive contract to attain a $4.6 billion commercial mortgage loan portfolio from GE Capital Real Estate. The attainment is a part of the larger $23 billion attainment of the majority of GE Capital’s real estate business by investment vehicles managed by Blackstone (BX) and by Wells Fargo (WFC).
The portfolio to be attained by BXMT comprises of 82 first mortgage loans secured by a diverse set of commercial property types across its core and target markets, counting the United States (68%), Canada (15%), the United Kingdom (10%), and Germany (7%) with an estimated weighted average loan-to-value ratio in line with BXMT’s existing portfolio.
BXMT will pay $4.4 billion for the funded loan portfolio and assume $0.2 billion of unfunded commitments. Wells Fargo has agreed, subject to customary terms and conditions, to provide a $4.0 billion attainment financing package of which $3.8 billion will be funded at closing. In addition to the Wells Fargo facility, BXMT intends to use accessible liquidity and/or raise additional capital to fund the attainment. On a stabilized pro forma basis, BXMT estimates a debt-to-equity ratio1 of 3.0 times, as compared to 2.0 times as of December 31, 2014.
Closing of the transaction is contingent upon the completion of certain customary closing conditions and is predictable to occur in stages startning in 45-60 days.
Blackstone Mortgage Trust, Inc., a real estate finance company, originates and purchases senior loans collateralized by properties in North America and Europe. It operates through two segments, Loan Origination and CT Legacy Portfolio. The company qualifies as a real estate investment trust for federal revenue tax purposes.
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