During Wednesday’s Afternoon trade, Shares of Barclays PLC (ADR)(NYSE:BCS), gain 2.04% to $17.78.
Barclays declared a planned partnership with Illinois-based investment firm Elkhorn Capital Group. The partnership is designed to extend Barclays’ product availability by bringing together its extensive experience in creating distinctive investment concepts with Elkhorn’s independent product expertise.
The partnership will allow Barclays and Elkhorn to collaborate in offering clients access to additional products based on Barclays’ strategies.
Barclays has a track record of producing novel investment strategies, and in the past three years has declared partnerships with Roubini Global Economics and with CAPE originator Professor Robert Shiller. Additionally, in July 2014, Barclays launched its first socially responsible investing strategy, the Women in Leadership Index.
Barclays PLC, through its auxiliaries, provides various financial products and services worldwide. It offers personal and corporate banking, mortgage, and wealth and investment administration services to individuals and businesses; consumer payments products and services to consumers and merchants; and retail and business banking, corporate and investment banking, and wealth administration and insurance services.
Shares of Lennar Corporation(NYSE:LEN), inclined 0.80% to $51.40, during its Afternoon trading session.
Lennar Corporation (LEN), one of the nation’s largest homebuilders, declared the formation of Lennar Multifamily Venture (“LMV” or the “Venture”), an equity fund between Lennar Multifamily Communities (“LMC”) and global sovereign and institutional investors targeting investments in class-A multifamily development assets in 25 top metropolitan markets in the United States.
The new Venture will aim to provide superior risk-adjusted returns through a “develop-to-core” strategy - developing multifamily communities and then holding those communities in a portfolio long term for cash flow. LMV will focus on the top growth and gateway markets in the United States, which are characterized by strong long-term demand fundamentals and constrained supply, and will capitalize on Lennar’s deep construction expertise to build multifamily communities at an attractive cost basis. The Venture is predictable to build a combination of garden, mid-rise and high-rise properties. The Venture will benefit from LMC’s fully integrated development administration, construction administration, property administration, and asset administration platforms.
Lennar Corporation, together with its auxiliaries, engages in the homebuilding activities in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida, Homebuilding Houston, Financial Services, Rialto, and Lennar Multifamily segments.
Citigroup Inc (NYSE:C), during its Wednesday’s Afternoon trading session gained 1.12% to $59.01.
Citigroup Inc.declared the commencement of offers to purchase for cash (i) any and all of its notes of the series set forth in the first table below, under the heading “Any and All Notes,” (the “Any and All Notes”) and (ii) certain of its notes of the series set forth in the second table below, under the heading “Maximum Tender Notes,” (the “Maximum Tender Notes”) up to an aggregate principal amount with respect to each series of Maximum Tender Notes as set forth in the second table below (each, a “Maximum Series Tender Cap”) (all such notes in the first and second table collectively, the “Notes” and each a “series” of Notes). The offer to purchase each series of Notes is referred to as an “Offer” and all such offers are referred to collectively as the “Offers.” We refer to our offer to purchase each series of Any and All Notes as an “Any and All Offer” (and all such offers collectively as the “Any and All Offers”) and the offer to purchase each series of Maximum Tender Notes as a “Maximum Tender Offer” (and all such offers collectively as the “Maximum Tender Offers”). The Notes had an aggregate principal amount outstanding of about U.S. $3.23 billion as of July 24, 2015.
Citigroup Inc., a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions worldwide. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services.
Finally, Penn West Petroleum Ltd (USA) (NYSE:PWE), gained 5.22%, to $1.31.
Penn West Petroleum Ltd (USA) (PWE) declared that it has finalized and reached definitive amending agreements with the lenders under its syndicated bank facility and the holders of its senior notes to, among other things, amend its financial covenants as initially revealed by the Company in its press release issued on March 12, 2015 announcing its year-end financial and operational results for 2014.
Since Penn West declared in March that it had reached agreements in principle with its lenders and noteholders, the Company has sold or reached agreements to sell assets for aggregate net proceeds of about $415 million , which comprises $318 million from its formerly declared royalty transactions which were accomplished in early May, and about $97 million from non-core asset dispositions which are predictable to be accomplished by the end of the second quarter of 2015. Following the terms of the amending agreements with its lenders and noteholders, in the event that Penn West completes any asset dispositions prior to March 30, 2017 , it has committed to use the net proceeds from such asset dispositions to repay at par $650 million of the outstanding principal amounts owing to noteholders, with corresponding pro rata amounts from such asset dispositions to be used to repay any outstanding amounts drawn under its syndicated bank facility.
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. As of March 12, 2015, it operated a portfolio of opportunities in light oil in Canada covering a land base of about 4.5 million acres. The company was formerly known as Penn West Energy Trust and changed its name to Penn West Petroleum Ltd. in January 2011. Penn West Petroleum Ltd. was founded in 1979 and is headquartered in Calgary, Canada.
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