On Monday, Tribune Media Co (NYSE:TRCO)’s shares declined -4.10% to $52.63.
Tribune Media Co (TRCO) declared its intention to commence a private offering of $1 billion aggregate principal amount of senior unsecured notes (the “Notes”) to be issued in one or more series. There can be no assurance that the projected offering of Notes will be accomplished.
The Company intends to use the net proceeds from the sale of the Notes to repay a portion of its borrowings under its existing term loan facility. In connection with such repayment, the Company anticipates to enter into an amendment to its existing term loan facility to, among other things, reduce the pricing of the loans made under such term loan facility and amend certain covenants, as applicable, to comprise with the terms of the Notes. The Notes will be unsecured senior indebtedness and will rank equally in right of payment with all of the Company’s existing and future senior indebtedness and senior in right of payment to all of its future subordinated obligations. Each of the Company’s domestic auxiliaries that guarantees the Company’s obligations under its existing term loan facility (each, a “Partner Guarantor”) will guarantee payment of the Notes with guarantees that will rank equally in right of payment with all of the existing and future senior indebtedness of each such Partner Guarantor and senior in right of payment to all future subordinated obligations of such Partner Guarantor.
Tribune Media Company, through its auxiliaries, operates as a media and entertainment company in the United States. The company operates through two segments, Television and Entertainment, and Digital and Data. The Television and Entertainment segment provides news, entertainment, and sports programming through Tribune Broadcasting local television stations, counting FOX television associates, CW television associates, CBS television associates, ABC television associates, NBC television associates, and independent television stations; and television series and movies on WGN America, a national general entertainment network.
ARMOUR Residential REIT, Inc. (NYSE:ARR)’s shares gained 0.70% to $2.86.
ARMOUR Residential REIT, Inc. (ARR) declared that it anticipates to enhance common stock dividends in Q3 2015 and that its Board of Directors has approved a reverse stock split of ARMOUR’s outstanding shares of common stock at a ratio of one-for-eight.
One-for-Eight Reverse Stock Split
The reverse stock split is planned to take effect at about 5:00 p.m. Eastern Time on July 31, 2015 (the “Effective Time”). At the Effective Time, every eight issued and outstanding shares of common stock of the Company will be converted into one share of common stock of the Company. In addition, at the Effective Time, the number of authorized shares of common stock will also be reduced on a one-for-eight basis. The par value of each share of common stock will remain unchanged. Trading in ARMOUR’s common stock on a split adjusted basis is predictable to start at the market open on August 3, 2015. ARMOUR’s common stock will continue trading on the NYSE under the symbol “ARR” but will be assigned a new CUSIP number. The Company believes that existing stockholders will benefit from the ability to attract a broader range of investors as a result of the reverse stock split and a higher per share stock price. In this regard, the Company notes that the average book value of ARMOUR’s common stock over the last five trading sessions was about $4.00 per share, which is about 28% above last night’s closing price of $2.87.
As a result of the reverse stock split, the number of outstanding shares of ARMOUR’s common stock will be reduced from about 350,000,000 to about 43,750,000. Co presently, the authorized number of shares of common stock will be reduced from 1,000,000,000 to 125,000,000.
No fractional shares will be issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the average closing price of ARMOUR’s common stock on the NYSE for the three successive trading days ending on July 31, 2015. The reverse stock split will apply to all of ARMOUR’s authorized and outstanding shares of common stock as of the Effective Time. Stockholders of record will be receiving information from Continental Stock Transfer & Trust Company, ARMOUR’s transfer agent, regarding their stock ownership following the reverse stock split and cash in lieu of fractional share payments, if applicable. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action in connection with the reverse stock split.
ARMOUR Residential REIT, Inc. invests in and manages a portfolio of residential mortgage backed securities in the United States. The company is managed by ARMOUR Capital Administration LP. Its securities portfolio primarily comprises of agency securities backed by fixed rate, hybrid adjustable rate, and adjustable rate home loans, in addition to unsecured notes and bonds issued by the government-sponsored entities and the United States treasuries; and money market instruments.
At the end of Monday’s trade, TASER International, Inc. (NASDAQ:TASR)‘s shares dipped -0.86% to $32.23.
TASER (TASR) declared that the second quarter 2015 earnings call is planned for Thursday, July 30, 2015. A conference call is planned at 11:00 a.m. ET to review the second quarter financial results. TASER CEO Rick Smith and CFO Dan Behrendt will host the webcast.
TASER International, Inc. develops, manufactures, and sells conducted electrical weapons (CEWs) worldwide. It operates through two segments, TASER Weapons and AXON. The companys CEW products transmit electrical pulses along the wires and into the body affecting the sensory and motor functions of the peripheral nervous system. It offers three hand-held CEW product lines, counting TASER X26P and TASER X2, which integrates with EVIDENCE.com; and TASER X26. The company also offers consumer products comprising TASER C2 CEW; smart cartridges, which communicate with the fire control system; standard cartridges that are used in CEW systems for warm and cold climates, training scenarios, and tactical situations; and training cartridges, which allow law enforcement, military, and corrections trainers to use the cartridge during training, in addition to other accessories, such as standard replacement and modified batteries.
Avis Budget Group Inc. (NASDAQ:CAR), ended its Monday’s trading session with -1.53% loss, and closed at $43.63.
Avis Budget Group, Inc. (CAR) declared that it has reached an expanded, new multi-year partnership marketing agreement with Southwest Airlines (LUV) which will enable the Company to promote Avis Car Rental, Budget Car Rental and Payless Car Rental offers, products and services to Southwest customers. Southwest Airlines flies more than 100 million passengers per year, and Avis Budget Group provides travelers with more than 100 million vehicle rental days per year.
As part of the new agreement, Avis, Budget and Payless will have advertising placement on the Southwest Airlines website in addition to merchandising placement throughout the airline reservation process. The car rental brands will also be featured on airline confirmation pages and pre-trip emails to customers. Special car rental discount offers, such as bonus Rapid Rewards(R) credits for accomplished rentals will also be presented on southwest.com.
Avis Budget Group, Inc., together with its auxiliaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. The company has three segments: North America, International, and Truck Rental. It operates the Avis car rental system with about 5,450 locations, that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget vehicle rental system with about 3,500 car rental locations, which serve the value-conscious segments of the industry; and Zipcar, a membership-based car sharing network that provides vehicles to about 915,000 members.
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