On Thursday, Shares of Navient Corp (NASDAQ:NAVI), lost -2.00% to $11.74.
Navient Corporation, declared the commencement of a modified “Dutch Auction” tender offer (the “Offer”) for a portion of its outstanding 6.000% Medium Term Notes, Series A due January 25, 2017 (the “Notes”).
Navient is offering to purchase, for cash, up to $350 million (the “Tender Cap”) in aggregate principal amount of the Notes, in accordance with the modified Dutch Auction procedures, described below. As of December 2, 2015, $1.1 billion aggregate principal amount of Notes were outstanding.
Holders must validly tender and not validly withdraw their Notes at or preceding to 5:00 p.m., New York City time, on December 15, 2015, unless extended by Navient in its sole discretion (such date and time, as the same may be extended, the “Early Tender Date”), in order to be eligible to receive the Total Consideration for their Notes. The “Total Consideration” for each $1,000 principal amount of Notes validly tendered (and not validly withdrawn) following the Offer at or preceding to the Early Tender Date and which are accepted for purchase by Navient (subject to proration) following the Offer will be equal to the Clearing Price (as defined below) determined at or about such time. The Total Consideration will comprise an amount (the “Early Tender Payment”) equal to $30.00 for each $1,000 principal amount of Notes accepted for purchase. Promptly following the Early Tender Date (the “Early Acceptance Date”), whether or not the Offer is fully subscribed, Navient will determine the Clearing Price and accept for payment validly tendered Notes, subject to proration and other terms and conditions of the Offer. If at the Early Tender Date, the aggregate principal amount of Notes validly tendered (and not validly withdrawn) equals or exceeds the Tender Cap, Navient reserves the right, at its option, not to accept any additional Notes tendered by Holders of Notes after the Early Tender Date. If the Offer is not fully subscribed as of the Early Tender Date, Navient intends to accept for payment on the Expiration Date any validly tendered Notes not formerly accepted, subject to proration and other terms and conditions of the Offer. Such payment, if any, will be made promptly following the Expiration Date and will amount to the Tender Offer Consideration. The “Tender Offer Consideration” for each $1,000 principal amount of Notes validly tendered following the Offer (and not validly withdrawn) after the Early Tender Date and at or preceding to the Expiration Date and accepted for purchase by Navient (subject to proration) will comprise of the Total Consideration (which will be equal to the Clearing Price) less the Early Tender Payment.
Navient Corporation provides financial products and services in the United States. The company operates in four segments: FFELP Loans, Private Education Loans, Business Services, and Other.
Shares of Cadence Design Systems Inc (NASDAQ:CDNS), declined -4.50% to $21.22, during its last trading session.
Cadence Design Systems, Inc. (CDNS) and Spreadtrum, declared they have developed a virtual reference design kit specific to Spreadtrum’s SC9830A quad-core system-on-chip (SoC) platform requirements. The availability of the kit enables their joint customers to accelerate their mobile product and application design cycles by up to 12 weeks, counting time spent on schematic design, PCB design and power-aware signal integrity (SI) and power integrity (PI) signoff simulation.
This virtual reference design kit is intended to guide engineers as they design the Spreadtrum SC9830A quad-core SoC into a target PCB design. Using the virtual reference design kit, users can take the SC9830A reference PCB design and re-use portions relevant for their target design and rapidly adapt other portions as required. The virtual reference design kit comprises data examples and analysis models pre-populated for use in:
- Cadence® Allegro® PCB Designer (layout and schematic)
- Cadence Sigrity™ PowerDC™ (DC Power Integrity) technology
- Cadence Sigrity Power SI® (AC Power Integrity) technology
- Cadence Sigrity power-aware SI flow for LPDDRn
Cadence Design Systems, Inc. develops, sells, leases, and licenses electronic design automation (EDA) software, emulation and prototyping hardware, verification intellectual property (VIP), and design intellectual property (design IP) for semiconductor and electronics systems industries worldwide.
Finally, Shares of Range Resources Corp. (NYSE:RRC), ended its last trade with -2.43% loss, and closed at $28.16.
Range Resources Corp., declared that its Board of Directors declared a quarterly cash dividend on its common stock for the fourth quarter. A dividend of $0.04 per common share is payable on December 31, 2015 to stockholders of record at the close of business on December 15, 2015.
Range Resources Corporation, an independent natural gas, natural gas liquids (NGLs), and oil company, engages in the acquisition, exploration, and development of natural gas and oil properties in the United States. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and Midcontinent regions.