On Thursday, Shares of AerCap Holdings N.V. (NYSE:AER), lost -3.66% to $48.50.
AerCap Holdings, declared that it has reached a contract with American International Group, Inc. the beneficial owner of 46% of AerCap`s ordinary shares outstanding as of March 31, 2015, to repurchase $750 million of the Company`s ordinary shares at a price per share equal to the price per share being paid by the underwriters to the selling shareholder in the formerly declared secondary offering of AerCap ordinary shares by AIG, subject to certain adjustments and limitations. Consideration for the share repurchase will comprise of the issuance of $500 million of junior subordinated notes to AIG and $250 million of cash on hand. The closing of the share repurchase transaction is contingent on all conditions precedent to the closing of the formerly declared secondary offering and certain other customary conditions. The Company anticipates the closing of the share repurchase to occur right away preceding to the closing of the secondary offering. The closing of the secondary offering is not contingent on the closing of the share repurchase.
Following the share repurchase agreement, AerCap Global Aviation Trust, a wholly-owned partner of AerCap, will issue to AIG $500 million in junior subordinated notes due 2045. The 30 year Notes will initially accrue interest at a fixed interest rate for a period of ten years whereupon the Notes will convert to a floating rate. The Issuer will have the right to defer any interest payment on the Notes for up to five successive years per deferral period. The Notes will be guaranteed by AerCap Holdings N.V. and certain of its auxiliaries.
AerCap Holdings N.V., an independent aircraft leasing company, engages in the leasing, financing, sale, and administration of commercial aircraft and engines. The company provides aircraft asset administration and corporate services, counting remarketing aircraft; collecting rental and maintenance payments, monitoring aircraft maintenance, monitoring and enforcing contract compliance, and accepting delivery and redelivery of aircraft; and conducting ongoing lessee financial performance reviews.
Shares of Kinross Gold Corporation (NYSE:KGC), inclined 0.41% to $2.44, during its last trading session, despite Gold prices sank to a five-week low Thursday, after the International Monetary Fund slashed its forecast for U.S. growth and warned that inflation remains elusive.
Gold for August delivery, the most actively traded contract, closed down 0.8% at $1,175.20 a troy ounce on the Comex division of the New York Mercantile Exchange, its lowest price since May 1. WSJ Reports.
Kinross Gold Corporation, together with its auxiliaries, engages in the acquisition, exploration, and development of gold bearing properties. It is involved in mining and processing gold and silver ores.
At the end of Thursday’s trade, Shares of Sysco Corporation (NYSE:SYY), lost -0.13% to $37.52.
Sysco Corporation, will webcast its presentation from the Deutsche Bank dbAccess Global Consumer Conference in Paris, France, at 8:45 a.m. Eastern Time (14:45 local time), Tuesday, June 9.
Sysco Corporation, through its auxiliaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates in Broadline and SYGMA segments. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; and fresh produce.
Finally, Occidental Petroleum Corporation (NYSE:OXY), ended its last trade with -1.37% surge, and closed at $77.30, as oil prices slipped on Thursday ahead of a key OPEC meeting to decide production policy at a time of huge global oversupply.
The Organization of the Petroleum Exporting Countries is predictable on Friday to keep a group output target of 30 million barrels per day (bpd), a ceiling it has been surpassing for most of the last two years, weakening prices.
Occidental Petroleum Corporation engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates in three segments: Oil and Gas; Chemical; and Midstream, Marketing and Other.
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