On Wednesday, BancorpSouth, Inc. (NYSE:BXS)’s shares declined -1.48% to $25.97.
BancorpSouth, Inc. (BXS) have declared the Company’s banking partner, BancorpSouth Bank, has received the America Saves Designation of Savings Excellence for Banks, a new designation from America Saves that recognizes banks and credit unions that went above and beyond to encourage people to save money during America Saves Week. This is the first year America Saves has offered the Designation.
The America Saves Selection Committee, in selecting BancorpSouth for the Designation, was particularly impressed with the number of new savings accounts opened by BancorpSouth, the amount of the deposits made, and the number of automatic savings deposits. Dan Rollins, BancorpSouth Chairman and CEO, in commenting on the Designation said, “BancorpSouth is honored to be one of only 19 banks and credit unions in the country to receive this prestigious recognition. BancorpSouth bankers across our footprint worked numerous hours in conducting savings related financial education programs and distributing materials. Savings is a vital part of a healthy financial life. BancorpSouth hopes our financial education programs conducted during America Saves Week in February encourage individuals to start savings accounts or add to the accounts they already have opened.”
BancorpSouth, Inc. operates as a financial holding company for BancorpSouth Bank that provides commercial banking and financial services to individuals and small-to-medium size businesses. It offers various deposit products, counting interest bearing and noninterest bearing demand deposits, and saving and time deposits. The company’s loan portfolio comprises commercial loans, counting term loans, lines of credit, equipment and receivable financing, and agricultural loans; a range of short-to-medium term secured and unsecured commercial loans to businesses for working capital, business expansion, and the purchase of equipment and machinery; and construction loans to real estate developers for the acquisition, development, and construction of residential subdivisions. Its loan products also comprise fixed and adjustable rate residential mortgage loans secured by owner-occupied property; residential construction loans; second mortgage loans; home equity lines of credit; and non-residential consumer loans that comprise of automobile, recreation vehicle, boat, and personal loans, in addition to deposit account secured loans.
Synthesis Energy Systems, Inc. (NASDAQ:SYMX)’s shares gained 13.67% to $1.58.
Synthesis Energy Systems, Inc. (SYMX) declared industrial syngas gasification plants from its Tianwo-SES Joint Venture has entered the commissioning phase. The plant, in Zibo City, Shandong Province, China, is owned and operated by Aluminum Corporation of China Limited (ACH) (2600.HK) (601600.SS), and utilizes two SES Gasification Technology systems supplied by Tianwo-SES. These gasification systems are uniquely suited to generate clean and economical syngas from local, low-grade lignite coal which will replace the purchase of more expensive natural gas. The Shandong facility is projected to enter commercial operation this year. The two additional Aluminum Corporation of China plants, in Shanxi and Henan Provinces, are presently under construction in a phased, fast-track timeline. Once all three projects enter commercial operation, the installed base for SES Gasification Technology will expand from five to 12 gasification systems in operation in China.
Total construction order commitments of $105 million (650 million Yuan) for the three projects were declared in December 2014 between Aluminum Corporation of China, China’s largest alumina and primary aluminum producer, and Innovative Coal Chemical Design Institute (Shanghai) Co., Ltd. (ICCDI). ICCDI is the general contractor supplying all the engineering, construction and balance of plant equipment for the three projects. The total order value for these projects to Tianwo-SES for technology and equipment supply from ICCDI, a partner of Suzhou Thvow Technology Co., Ltd. (STT) (Shenzhen listing code:002564), is predictable to be $23 million. Tianwo-SES Clean Energy Technologies Co., Ltd. (Tianwo-SES) is SES’s joint venture with STT.
Synthesis Energy Systems, Inc., a development stage energy and gasification technology company, provides various proprietary gasification technology systems and solutions to the energy and chemical industries worldwide. The company offers U-GAS fluidized bed gasification technology to convert low quality coals, such as lignite, coal wastes, municipal wastes, and agricultural waste biomass to high value products, such as electric power, transportation fuels, and substitute natural gas fuel for direct reduction iron, steel making, and other products. It also has rights to sublicense U-GAS systems to third parties for coal, and coal and biomass mixtures, in addition to for biomass projects. The company was founded in 2003 and is headquartered in Houston, Texas.
At the end of Wednesday’s trade, Energy XXI Ltd (NASDAQ:EXXI)‘s shares dipped -3.43% to $3.10.
Energy XXI Ltd (EXXI) declared that after several constructive meetings and exchanges of information, Energy XXI has reached a contract with the Bureau of Ocean Energy Administration (BOEM) with regard to supplemental bonding requirements for the company and its auxiliaries. Energy XXI has offered $150 million of supplemental bonding, bringing the company’s total supplemental bonding to $319 million at an annual premium expense of $4.8 million, with about $10 million collateral posted. In addition, the company maintains $226 million in Letters of Credit to third parties on additional assets in the Gulf of Mexico. The BOEM has agreed to withdraw its orders with regard to supplemental bonding upon dismissal of the appeals filed by Energy XXI with the Interior Board of Land Appeals, and postponed until November 15, 2015 the issuance of any further requirements for financial assurance with respect to activities on existing properties of Energy XXI and its auxiliaries.
Energy XXI (Bermuda) Limited is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico. As of June 30, 2014, the company had proved reserves of 246.2 million barrels of oil equivalent. It operated or had an interest in 984 gross producing wells on 432,954 net developed acres, counting interests in 61 producing fields. Energy XXI (Bermuda) Limited was founded in 2005 and is headquartered in Houston, Texas.
Anthem Inc (NYSE:ANTM), ended its Wednesday’s trading session with -1.19% loss, and closed at $167.97.
A.M. Best has placed under review with negative implications the financial strength ratings (FSR), issuer credit ratings (ICR) and debt ratings of Anthem, Inc. (Anthem) (Indianapolis, IN) (ANTM) and its insurance auxiliaries. (See link below for a detailed listing of the companies and ratings.)
The rating actions follow the declarement that Anthem has made a proposal to acquire Cigna Corporation (Cigna) (CI) for about $184 per share in cash and stock. In addition to issuing Anthem shares to Cigna shareholders, Anthem is predictable to finance about $34 billion through a combination of parent company cash, debt and new equity. Additionally, it is anticipated that if an agreement is reached, Anthem would assume Cigna’s outstanding debt. Presently, the two parties are not in agreement on all aspects of the potential transaction; hence, it may not come to fruition. The projected acquisition is subject to the approval by shareholders, in addition to state insurance departments and other regulators, which could extend the closing to late 2016.
The under review status reflects A.M. Best’s concerns regarding the projected reduced financial flexibility of Anthem due to heightened financial leverage, estimated to enhance to about 50% at closing; the noteworthy enhance in goodwill and intangibles to nearly 1.5 times equity; and the execution and integration risk related to the acquisition. Post-close, Anthem’s financial leverage and goodwill and intangibles-to-equity ratio would be materially higher than similarly rated peers and forecasted interest coverage would decline in the near to medium term. Additionally, while dividend capacity of Anthem’s auxiliaries has been strong, narrowing of operating margins can affect future dividends and pressure partner risk-adjusted capital. Moreover, Anthem has historically pursued a considerable share repurchase program and is predictable to maintain noteworthy stock dividends. A.M. Best is concerned about execution and integration risk considering the lack of agreement on the transaction’s key aspects, especially governance, in addition to exposure to regulatory issues and potential litigation.
Anthem, Inc., through its auxiliaries, operates as a health benefits company in the United States. It operates through three segments: Commercial and Specialty Business, Government Business, and Other. The company offers a spectrum of network-based managed care health benefit plans to large and small employer, individual, Medicaid, and senior markets.
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