On Wednesday, Shares of Arch Coal Inc (NYSE:ACI), lost -10.26% to $0.324.
Arch Coal, declared the launch of a private offer to exchange new 6.25% Trust Certificates due 2021, 8.00% Senior Secured Notes due 2022 and 12.00% Senior Secured Second Lien Notes due 2023 for its outstanding 7.000% Senior Notes due 2019, 9.875% Senior Notes due 2019 and 7.250% Senior Notes due 2021.
The Trust Certificates represent a fractional undivided interest in Arch Pass Through Trust, a Delaware statutory trust whose only assets will be (i) senior secured term loans due 2021 issued as incremental debt under Arch’s existing credit agreement and (ii) senior secured revolving commitments. The New Revolving Loans will be transferred to the Trust either by the assignment of existing revolving commitments or by the creation of an incremental revolving credit facility in lieu of the existing revolving credit facility, and all existing commitments would be terminated at the closing of this transaction. The aggregate principal amount of New Term Loans and New Revolving Loans outstanding at any time may not exceed $404 million, and will be equal to the principal amount of Trust Certificates issued in the Exchange Offer and in a concurrent exchange offer. The Trust is not, and will not be, a partner or associate of Arch and the Trust Certificates will not be guaranteed or insured by any person or entity, counting Arch.
Arch Coal, Inc. produces and sells thermal and metallurgical coal from surface and underground mines located in the United States. As of December 31, 2014, it operated or contracted out the operation of 16 mines; and owned or controlled about 5.1 billion tons of proven and probable recoverable reserves.
Shares of Avnet, Inc.(NYSE:AVT), declined -2.32% to $40.43, during its last trading session.
Avnet Electronics Marketing, an operating group of Avnet, has designated Stephen Wong, President of Avnet Electronics Marketing Asia and Japan, to lead the Japan Electronics Marketing business in addition to his current responsibilities, effective July 1, 2015. He will continue to report to Gerry Fay, President of Electronics Marketing Global.
“The Avnet Electronics Marketing business in Japan has remained an independent business for Avnet in the past several years. With its growing presence within the region, there is a need to ensure maximum coordination between Japan and Asia in order to enhance our competitiveness and to maximize growth and performance for our business in the region. Combining our resources and strengths will allow us to take advantage of the opportunities offered by the region,” says Gerry Fay. “Stephen’s proven track record in operational improvements and accelerating profitable growth will provide the leadership to continue our exceptional growth in Asia and Japan.”
Avnet, Inc., together with its auxiliaries, distributes electronic components, enterprise computer and storage products, IT solutions and services, and embedded subsystems in the Americas, Europe, the Middle East, Africa, and the Asia/Pacific.
Finally, Silver Standard Resources Inc. (USA) (NASDAQ:SSRI), ended its last trade with -1.71% loss, and closed at $5.76.
Silver Standard Resources, provided its second quarter 2015 operational results and reports revised full year 2015 production guidance for its Marigold and Pirquitas mines.
Highlights:
- Exceeded gold production plan at Marigold: Delivered about 48,700 ounces of gold, on track to achieve improved 2015 production guidance.
- Continued strong production at Pirquitas: Produced 2.4 million ounces of silver, well-positioned to deliver record annual silver production.
- Raised material movement at Marigold: Daily material moved raised to more than 209,000 tonnes, a 1.5% enhance over the first quarter, ongoing the trend of more efficient mine operating performance.
- Raised full year 2015 production guidance: Marigold mine production guidance raised to 195,000 to 205,000 ounces gold from 160,000 to 175,000 ounces gold. Pirquitas mine production guidance raised to 9.5 to 10.5 million ounces silver from 9 to 10 million ounces silver.
Avnet, together with its auxiliaries, distributes electronic components, enterprise computer and storage products, IT solutions and services, and embedded subsystems in the Americas, Europe, the Middle East, Africa, and the Asia/Pacific.
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