On Friday, Shares of SunEdison, Inc. (NYSE:SUNE), lost -9.17% to $23.28.
SunEdison and TerraForm Global, Inc. declared that TerraForm Global, a partner of SunEdison, has priced an underwritten initial public offering of 45,000,000 shares of its Class A common stock at a price to the public of $15.00 per share, representing gross proceeds of $675 million. The shares will start trading on the NASDAQ Global Select Market on July 31, 2015 under the ticker symbol “GLBL.” In connection with this offering, TerraForm Global has granted the underwriters a 30-day option to purchase up to an additional 6,750,000 shares of Class A common stock at the initial public offering price. TerraForm Global will also receive gross proceeds of $67.5 million from the sale of shares of Class A common stock in connection with a concurrent private placement transaction at a price per share equal to the initial public offering price.
TerraForm Global intends to use the net proceeds of this offering and the gross proceeds from the private placement transactions described in the prospectus to acquire newly-issued Class A units of TerraForm Global, LLC (“Global LLC”). Global LLC will use such proceeds and cash on hand, together with proceeds of the $810.0 million senior unsecured notes offering of TerraForm Global Operating, LLC, to repay all outstanding indebtedness (counting accrued interest) under its bridge facility, to pay pending acquisition consideration, to repay project-level indebtedness and for general corporate purposes, which may comprise future acquisitions of clean energy generation assets from SunEdison or from unassociated third parties.
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials.
Shares of AK Steel Holding Corporation (NYSE:AKS), declined -5.75% to $2.95, during its last trading session.
In an analyst report issued to clients and investors on 30 July, AK Steel Holding Corporation was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Thursday, TheFlyOnTheWall.com reports. The brokerage presently has a $5.00 target price on the stock. JPMorgan Chase & Co.’s target price would suggest a potential upside of 69.49% from the stock’s previous close.
AK Steel Holding Corporation, through its partner, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, counting coated, cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms.
Finally, Caterpillar Inc. (NYSE:CAT), ended its last trade with 0.36% gain, and closed at $78.63.
Caterpillar declared it reached a definitive agreement with Citibank N.A. to purchase a total of $1.5 billion of its common stock under an accelerated stock repurchase transaction.
“The continued strength of our balance sheet and strong cash flow allow us to return capital to stockholders despite weakness in the cyclical industries we serve,” said Caterpillar Chairman and CEO Doug Oberhelman. “Repurchasing an additional $1.5 billion of Caterpillar stock in the third quarter of 2015 will bring our total 2015 stock repurchases to about $2 billion. In addition to the stock repurchase, our Board of Directors recently raised the quarterly dividend by 10 percent, further demonstrating our commitment to stockholders.”
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. The company’s Construction Industries segment offers backhoe, small wheel, skid steer, multi-terrain, compact track, medium and compact wheel, and track-type loaders; mini, wheel, and track excavators; track-type tractors; and select work tools, motor graders, telehandlers, soil compactors, and pipelayers, in addition to its related parts for the heavy and general construction, rental, mining and quarry, and aggregates markets.
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