On Monday, CNO Financial Group Inc (NYSE:CNO)’s shares declined -0.67% to $17.88.
CNO Financial Group Inc (CNO) declared the completion of debt refinancing transactions to enhance its capital structure and financial flexibility. The recapitalization transactions comprised of entering into a new $150 million senior unsecured revolving credit facility (the “new revolving credit facility”), with $100 million drawn at closing, in addition to the formerly declared registered public offering of $825 million of new senior unsecured notes, compriseing of $325 million of 4.500% senior unsecured notes due 2020 (the “2020 Notes”) and $500 million of 5.250% senior unsecured notes due 2025 (the “2025 notes” and, together with the 2020 Notes, the “Notes”).
CNO used a portion of the proceeds from the borrowings under the new revolving credit facility and the issuance of the Notes to:
- repay all $502 million outstanding under CNO’s existing senior secured credit agreement;
- redeem and satisfy and discharge $275 million aggregate principal amount outstanding of CNO’s 6.375% Senior Secured Notes due 2020 for estimated aggregate consideration of about $293 million; and
- pay fees and expenses related to the recapitalization transactions.
The remaining proceeds will be used for general corporate purposes, counting common stock repurchases.
CNO Financial Group, Inc., through its auxiliaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets in the United States. Its Bankers Life segment markets and distributes Medicare supplement insurance, interest sensitive and traditional life insurance, fixed annuities, and long term care insurance products; Medicare advantage plans primarily through distribution arrangements with Humana, Inc. and United HealthCare; and Medicare Part D prescription drug plans through a distribution and reinsurance arrangement with Coventry Health Care.
Cytori Therapeutics Inc (NASDAQ:CYTX)’s shares gained 2.86% to $0.680.
Cytori Therapeutics Inc (CYTX) reached a four year, $17.7 million term loan with Oxford Finance LLC. The loan provides for an interest-only payment period of at least 12-months with the potential to be extended up to 18-months. Proceeds were used to prepay Cytori’s existing loan with Oxford Finance LLC and Silicon Valley Bank. The loan was funded in full on May 29, 2015 and matures June 1, 2019.
Select terms of the loan comprise the following:
- Interest rate of 8.95% (comprised of three-month LIBOR rate with a floor of 1.00% plus 7.95%) contrast with 9.75% under the prior loan
- Interest-only payments for 12-months followed by 36 equal monthly principal and interest payments
- The interest-only payment period may be extended by six months through December 2016 should Cytori achieve positive US ACT-OA clinical trial data or close a licensing, partnership or similar transaction on terms acceptable to the lenders by May 31, 2016
Cytori Therapeutics, Inc., a biotechnology company, develops cell therapeutics for specific diseases and medical conditions. The company primarily provides Cytori Cell Therapy compriseing of a heterogeneous population of specialized cells, counting stem cells for the treatment of patients with scleroderma hand dysfunction, orthopedic disorders, cardiovascular disease, urinary incontinence, and thermal burns combined with radiation injury. It also offers Celution System devices and consumable sets, and other ancillary products for the customers developing new therapeutic applications for Cytori Cell Therapy in Europe, Japan, and other regions.
At the end of Monday’s trade, Nielsen NV (NYSE:NLSN)‘s shares dipped -0.36% to $44.83.
Between now and 2020, roughly four out of every 10 new households that form in the U.S. will be headed by someone of Hispanic descent – more than any other single racial or ethnic group. The Hispanic demographic will be a key driver of home rental and purchasing activity in the next several years, and this will have important implications for the housing sector. Hispanics aspire to home ownership, and the majority of Hispanic movers want to purchase when they move. But a new report from The Demand Institute finds that there is noteworthy business opportunity in meeting the housing and community demand of Hispanic households in the next five years.
Hispanics & Home Ownership: Closing the Gap is the latest publication from The Demand Institute, a non-advocacy, non-profit think tank jointly operated by The Conference Board and Nielsen. The report finds that nearly four million Hispanics would like to purchase a home when they move, but only 1.5 million are financially prepared to do so – a gap of 2.5 million households that will struggle to attain the aim of home ownership because they lack the down payment, income or credit to follow through on their plans.
Nielsen N.V. operates as an information and measurement company. The company provides media and marketing information, analytics, and manufacturer and retailer expertise about what and where consumers buy, read, watch and listen.
Shake Shack Inc (NYSE:SHAK), ended its Monday’s trading session with -5.19% loss, and closed at $78.51.
Shake Shack Inc (SHAK) declared that the Company will be presenting at the following investor conferences in June:
- On Wednesday, June 10, 2015, the Company will be presenting at William Blair’s 35th Annual Growth Stock Conference at the Four Seasons Hotel in Chicago, IL. The presentation will start at 2:20 p.m. EST.
- On Wednesday, June 24, 2015, the Company will be presenting at the Jefferies 2015 Consumer Conference at the White Elephant in Nantucket, MA. The presentation will start at 8:00 a.m. EST.
Shake Shack Inc. owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States, the District of Columbia, North America, Europe, and Asia. Shacks offers hamburgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer, and wine. As of December 31, 2014, it had 63 Shacks, counting 31 domestic company-operated Shacks, 5 domestic licensed Shacks, and 27 international licensed Shacks.
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