On Thursday, in the course of current trade, Shares of Quanta Services Inc (NYSE:PWR), climded 0.68%, and is now trading at $23.87.
Quanta Services, declared that it has reached an accelerated stock repurchase arrangement (the “ASR Arrangement”) with JPMorgan Chase Bank N.A. to repurchase $750 million of Quanta common stock. The ASR Arrangement will facilitate repurchases under Quanta’s formerly declared $1.25 billion stock repurchase program and will be funded with a portion of the proceeds received from the sale of its fiber optic licensing operations.
Under the ASR Arrangement, Quanta will pay $750 million to JPMorgan and will receive an initial delivery of about 25.7 million shares on or around August 11, 2015. The initial delivery represents about 80% of the total shares that would be repurchased under the ASR Arrangement based on Quanta’s current stock price. The final number of shares to be repurchased will be based on a volume-weighted average stock price of the company’s common stock during the term of the ASR Arrangement, minus a discount, and subject to certain adjustments. Final settlement is planned to occur in the second quarter of 2016, subject to early termination or extension in certain circumstances. At settlement, JPMorgan may be required to deliver additional shares of common stock to Quanta, or under certain circumstances, Quanta may be required to deliver shares of common stock or make a cash payment, at its election, to JPMorgan.
Quanta Services, Inc. provides specialty contracting services to the electric power, and oil and gas industries in North America and internationally. The company’s Electric Power Infrastructure Services segment provides network solutions comprising design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities.
During an Afternoon trade, Shares of ING Groep NV (ADR) (NYSE:ING), climbed 0.54%, and is now trading at $14.99.
Alcentra Capital Corporation, raised its revolving credit facility to $135 million. The revolver was raised by $20 million via an amendment and incremental commitment agreement. Additionally, the accordion feature was raised to $250 million from $160 million while also extending the maturity of the facility to August 2020 and adding a conditional pricing step-down.
ING Groep N.V., a financial institution, provides banking products and services to individuals, small and medium enterprises, and mid-corporates. It operates through Retail Netherlands; Retail Belgium; Retail Germany; Retail Rest of World; and Commercial Banking segments.
Shares of ON Semiconductor Corp (NASDAQ:ON), during its Thursday’s current trading session climbed 4.91%, and is now trading at $9.83.
ON Semiconductor, has declared that company executives will present at the following investor conferences.
- Citi Technology Conference – Thursday, Sept. 10, 2015, in New York City, NY.
Bernard Gutmann, ON Semiconductor executive vice president and chief financial officer (CFO) will present.
- Deutsche Bank Technology Conference – Thursday, Sept. 17, 2015, in Las Vegas, NV.
Keith Jackson, ON Semiconductor president and chief executive officer (CEO) and Bernard Gutmann will present.
ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates in four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group. The Application Products Group segment provides analog, mixed-signal, and advanced logic application specific integrated circuit and application specific standard product solutions; and offers solutions for voltage and current options, in addition to foundry and manufacturing services, counting integrated passive devices technology, integrated circuit (IC) design, packaging, and silicon technology offerings.
Finally, Brocade Communications Systems, Inc. (NASDAQ:BRCD) , gained 0.78% Thursday.
Aerohive Networks and Brocade, declared that Springhill Medical Center and Cumberland University have selected Aerohive and Brocade high-performance, secure, easy-to-manage wired and wireless solutions. The solutions together dramatically simplify the customers’ ability to scale network capacity as their wireless needs grow.
Brocade Communications Systems, Inc. provides storage area networking (SAN) and Internet protocol networking solutions for businesses and organizations worldwide. It operates through SAN Products, IP Networking Products, and Global Services segments.
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