On Thursday, General Electric Company (NYSE:GE)’s shares declined -0.62% to $30.56.
Commercial Distribution Finance, a business of GE Capital, declared that Arctic Cat Inc. (ACAT), a leading manufacturer of recreational products, has chosen CDF as an exclusive provider for dealer inventory financing across North America. The financing will consolidate all of ACAT’s North American dealers onto one technology platform and provide them leading edge tools to assist manage their businesses.
Chris Eperjesy, CFO at Arctic Cat, said, “We’re consolidating our North American dealer-inventory financing under CDF because of their expertise in our industry and their leading technology solutions.”
Headquartered in Minnesota, Arctic Cat has been manufacturing snowmobiles, all-terrain vehicles (ATVs) and side-by-sides since 1960 and has had a long-standing relationship with CDF in the U.S. The new, exclusive dealer financing agreement extends the U.S. relationship and establishes a new financing relationship covering Canada.
“We are excited and honored that Arctic Cat has chosen to bring its entire North American dealer network onto the CDF platform”, said Jeremy Jansen, president of CDF’s motorsports group.
General Electric Company 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. Its Oil and Gas segment provides surface and subsea drilling and production systems, equipment for floating production platforms, compressors, turbines, turbo expanders, reactors, industrial power generation, and auxiliary equipment.
International Business Machines Corp. (NYSE:IBM)’s shares dropped -1.82% to $136.74.
AT&T* and IBM (NYSE: IBM) declared they are expanding their long-term planned relationship to bring businesses a full suite of advanced networking, application and hosting services. Under the agreement, AT&T will transition its managed application and managed hosting services unit to IBM. IBM will then align these managed service capabilities with the IBM Cloud portfolio. IBM will also acquire equipment and access to floor space in AT&T data centers presently supporting the applications and managed hosting operations.
Together, AT&T and IBM will enable companies to more easily integrate networks and cloud workloads with their IT environments. After close, IBM will deliver the managed applications and managed hosting services AT&T provides recently. AT&T will continue to provide networking services counting security, cloud networking and mobility that it provides recently. And the two companies will work closely to innovate and deliver a full suite of integrated solutions to customers.
Declaration represents an expansion of our planned relationship with AT&T and ongoing partnership to deliver new innovative solutions,” said Philip Guido, IBM General Manager of Global Technology Services for North America. “Working with AT&T, we will deliver a robust set of IBM Cloud and managed services that can continuously evolve to meet clients’ business objectives.”
International Business Machines Corporation provides information technology (IT) products and services worldwide. The company’s Global Technology Services segment provides IT infrastructure and business process services, such as outsourcing, processing, integrated technology, cloud, and technology support.
At the end of Thursday’s trade, Teekay Offshore Partners L.P. (NYSE:TOO)‘s shares dipped -51.76% to $3.76.
Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (TOO), has approved a plan to reduce its quarterly cash distributions to $0.11 per common unit, down from $0.56 per common unit in the third quarter of 2015, commencing with the fourth quarter of 2015 distribution payable in February 2016. The Partnership anticipates using a noteworthy portion of its internally generated cash flow to fund equity capital requirements on its future profitable growth projects and reduce debt levels, eliminating the need to access the equity capital markets for the foreseeable future.
“Despite noteworthy weakness in the global energy and capital markets, Teekay Offshore’s businesses remain strong,” commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP LLC. “The Partnership’s cash flows remain stable and growing, supported by a large and well-diversified portfolio of fee-based contracts with high quality counterparties,” Mr. Evensen continued. “However, as a growing MLP, Teekay Offshore does require capital and there is presently a dislocation in the capital markets relative to the stability of our businesses such that the Partnership’s cost of equity has risen to the point where it is presently not an economically attractive source of capital. Based on the forthcoming capital requirements for our committed growth projects and bond maturities, coupled with the uncertainty regarding how long it will take for the energy and capital markets to normalize, administration and the Partnership’s Board of Directors believe that it is in the best interest of the Partnership’s unitholders to conserve our internally generated cash flows to fund future growth projects and reduce our debt levels.”
Mr. Evensen added “This decision by administration and the Partnership’s Board of Directors was not taken lightly. Numerous options were considered, counting selling existing assets and future growth projects, and evaluating potential alternative sources of capital, which could have resulted in permanent dilution to existing unitholders. Rather than take this course, we determined that temporarily reducing our cash distributions is the most reliable way to fund our future profitable growth projects with the lowest cost of capital. We believe this prudent approach will strengthen the Partnership’s financial position, preserve our long-term growth potential, and will result in higher distributable cash flow per unit.”
Teekay Offshore Partners L.P. provides marine transportation, oil production, storage, towage, and floating accommodation services to the offshore oil industry in the North Sea and Brazil.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified with such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.