On Tuesday, Shares of Franklin Resources, Inc. (NYSE:BEN), lost -0.20% to $40.42.
Franklin Templeton Investments, declared that Patrick O’Connor has joined the firm as Head of Global Exchange Traded Funds (ETFs). In this new role, O’Connor will focus on shaping and developing the firm’s ETF capabilities. He will be based in San Mateo, California and will report to Jenny Johnson and Vijay Advani, co-presidents of Franklin Resources, Inc.
O’Connor has more than 15 years of investment experience and was formerly at BlackRock, where he most recently served as managing director of iShares Product Canada, iShares Product Latin America & Iberia and iShares Equity Portfolio Administration. He was a partner within the iShares business for more than a decade and an original member of the iShares launch team in 1999. In his portfolio administration role, he was responsible for more than 250 index and planned beta funds.
“We’re happy to welcome Patrick to the firm and are fortunate to have the benefit of his extensive expertise to guide us through the active and rules-based ETF landscape,” said Greg Johnson, chairman and CEO of Franklin Resources, Inc. “We’re always looking for new ways to meet the evolving needs of our clients. While the chief focus for Franklin Templeton continues to be on traditional active fund administration, we believe there may be opportunities for investors to use a wider range of strategies, counting various types of ETFs, to construct portfolios that meet their specific risk and return objectives.”
Franklin Resources, Inc. is a publicly owned asset administration holding company. Through its auxiliaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships.
Shares of Linn Energy LLC (NASDAQ:LINE), declined -7.47% to $2.23, during its last trading session.
LINN Energy, and LinnCo, declared that LINN has reached a series of privately negotiated transactions to exchange an aggregate principal amount of $2 billion of the Company’s senior unsecured notes (the “Unsecured Notes”) for an aggregate principal amount of $1 billion of newly issued senior secured second lien notes (the “Second Lien Notes”). These exchanges are predictable to improve LINN’s balance sheet and reduce interest expense.
The Company has reached exchange agreements with certain unsecured note holders following which the note holders have agreed to exchange certain of their existing Unsecured Notes for newly issued Second Lien Notes at a price of 50 percent of the principal amount of the Unsecured Notes set forth in the table below. The Second Lien Notes will be issued following the terms and conditions of an Indenture to be reached between the Company and U.S. Bank, National Association, as trustee (the “Indenture”), will bear interest at a rate of 12.0 percent per annum and have a planned maturity date of December 2020, subject to potential earlier maturity under the conditions to be outlined in the Indenture (“Springing Maturity”).
Linn Energy, LLC, an independent oil and natural gas company, acquires and develops oil and natural gas properties in the Unites States. Its properties are located in the Rockies, the Hugoton Basin, California, east Texas and north Louisiana, the Mid-Continent, the Permian Basin, Michigan/Illinois, and south Texas.
Finally, Shares of Targa Resources Corp (NYSE:TRGP), ended its last trade with -2.42% loss, and closed at $42.25.
Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”) (NGLS) and (NYSE:NGLS PRA), declared its monthly distribution on the Partnership’s 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Series A Preferred Units”) for November 2015.
Targa Resources Partners LP declared that the board of directors of its general partner has declared a monthly cash distribution of 18.75¢ per Series A Preferred Unit, or $2.25 per Series A Preferred Unit on an annualized basis, for November 2015. This cash distribution will be paid December 15, 2015 on all outstanding Series A Preferred Units to holders of record as of the close of business on November 30, 2015.
Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP, provides midstream natural gas and natural gas liquid (NGL) services in the United States.