During Friday’s Morning trade, Shares of Pandora Media Inc (NYSE:P), lost -3.48% to $12.19.
Pandora Media, declared the pricing of $300 million aggregate principal amount of convertible senior notes due 2020 (the “notes”) in a private placement to qualified institutional buyers following Rule 144A under the Securities Act of 1933, as amended (the “Act”). Pandora also granted Morgan Stanley & Co. LLC (“Morgan Stanley”), the initial purchaser of the notes, a 30-day option to purchase up to an additional $45 million aggregate principal amount of the notes. The sale of the notes to the initial purchaser is predictable to settle on December 9, 2015, subject to customary closing conditions, and is predictable to result in about $292.7 million in net proceeds to Pandora after deducting the initial purchaser’s discount and estimated offering expenses payable by Pandora (assuming no exercise of the initial purchaser’s option to purchase additional notes). Morgan Stanley is acting as sole book runner for the offering.
The notes will be senior, unsecured obligations of Pandora. The notes will bear interest at a rate of 1.75% per year. Interest will be payable semi-annually in arrears on June 1 and December 1 of each year, starting on June 1, 2016. The notes will mature on December 1, 2020, unless earlier repurchased, redeemed or converted.
Pandora anticipates to use about $37.5 million of the net proceeds of the offering of the notes to pay the cost of the capped call transactions described below, and to use the remaining proceeds of the offering for general corporate purposes.
Shares of Duke Energy Corp (NYSE:DUK), inclined 0.80% to $66.76, during its current trading session.
Duke Energy Renewables, declared it will build a large-scale wind power project in Oklahoma, the company’s first renewables project in the state.
When built, it will improvement Duke Energy Renewables’ U.S. wind capacity to more than 2,000 megawatts (MW).
Duke Energy Renewables will build, own and operate the Frontier Wind power Project, sited in Kay County, east of Blackwell, Okla. The 200-MW wind farm will produce enough emissions-free electricity to power about 60,000 homes.
“We’re investing heavily in renewable energy and surpassing 2,000 megawatts of wind power is a noteworthy accomplishment for our company,” said Greg Wolf, president of Duke Energy’s Commercial Portfolio. “We are excited to be working with the community and local landowners as we get our first project in this wind-rich state underway. The facility will assist City Utilities meet its renewable energy aims while creating economic development opportunities for Kay County.”
Finally, Shares of Penn West Petroleum Ltd (USA) (NYSE:PWE), lost -7.53%, and is now trading at $0.943.
Penn West Petroleum Ltd, declare that it received notification yesterday from the New York Stock Exchange (the “NYSE”) that it has regained compliance with the NYSE’s continued listing standard regarding the price of its common stock.
On September 4, 2015 , Penn West received notification from the NYSE that Penn West had fallen below the NYSE’s continued listing standard, which requires a minimum average closing price of US$1.00 over a successive 30 trading day period. Penn West regained compliance at the close of trading on November 30, 2015 since the average closing price of its common stock for the successive 30 trading days ended November 30, 2015 and the closing price of its common stock on November 30, 2015 both exceeded US$1.00.