On Thursday, Shares of Frontier Communications Corporation (NASDAQ:FTR), lost -1.29% to $5.35.
Frontier Communications Corporation declared that it has reached a new $1.5 billion senior secured delayed-draw term loan facility. The loan will be drawn upon the closing of Frontier’s acquisition of Verizon Communications Inc.’s wireline operations in California, Florida and Texas, which is predictable at the end of March 2016. Frontier accomplished the equity portion of its financing plan for this acquisition with a $2.75 billion dual-tranche equity offering in June 2015.
“This is a very positive arrangement that provides acquisition financing at favorable terms and rates,” said John Jureller, Executive Vice President and Chief Financial Officer of Frontier. “The proceeds will reduce the amount of public high-yield debt to be raised.” He added, “We are happy our relationship banks recognize the growth opportunities our planned Verizon transaction offers.”
Frontier Communications Corporation, a communications company, provides regulated and unregulated voice, data, and video services to residential, business, and wholesale customers in the United States.
Shares of National Oilwell Varco, Inc. (NYSE:NOV), declined -2.83% to $39.83, during its last trading session, hitting its lowest level.
National Oilwell Varco declared that its Board of Directors declared the regular quarterly cash dividend of $0.46 per share of common stock, payable on September 25, 2015 to each stockholder of record on September 11, 2015.
National Oilwell Varco, Inc. designs, manufactures, and sells equipment and components used in oil and gas drilling, completion, and production; and provides oilfield services to the upstream oil and gas industry worldwide. The company’s Rig Systems segment offers land rigs; offshore drilling equipment packages; and drilling rig components.
Finally, Penn West Petroleum Ltd. (NYSE:PWE), ended its last trade with -9.01% loss, and closed at $1.01, hitting its lowest level.
Penn West Petroleum declared that the Board of Directors has declared a third quarter 2015 dividend of $0.01 per share to be paid on October 15, 2015 to shareholders of record at the close of business on September 30, 2015. Shareholders are advised that this dividend is designated as an “eligible dividend” for Canadian income tax purposes.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The company’s properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States.
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