During Thursday’s Current trade, Shares of Frontline Ltd. (NYSE:FRO), lost -5.04% to $2.45.
Frontline Ltd. (FRO) and Frontline 2012 Ltd. have reached a contract and plan of merger (the “Merger Agreement”), following which the two companies have agreed to enter into a merger transaction, with Frontline as the surviving legal entity (“the “Surviving Company”) and Frontline 2012 as a wholly-owned partner. Subsequent to the merger, this partner is predictable to merge into the Surviving Company (together, the “Combined Company”) which will retain the Frontline Ltd. name.
Frontline Ltd., a shipping company, through its auxiliaries, owns and operates oil tankers and oil/bulk/ore carriers. The company provides seaborne transportation of crude oil and oil products. Its very large crude carriers (VLCCs) primarily transport crude oil from the Middle East Gulf to the Far East, Northern Europe, the Caribbean, and the Louisiana Offshore Oil Port, in addition to Suezmax tankers trade in the Atlantic Basin, the Middle East, and Southeast Asia. As of December 31, 2014, the company’s tanker fleet comprised of 22 vessels, counting 14 VLCCs and 8 Suezmax tankers. It is also involved in the charter, purchase, and sale of vessels.
Shares of Swift Energy Company (NYSE:SFY), declined -4.23% to $1.81, during its current trading session.
Swift Energy Company (SFY) declared that it has initiated a process to obtain a new first-lien term loan (the “Projected Term Loan”). The principal amount of the Projected Term Loan is predictable to be $640 million. The loan would mature five years after the closing, which is anticipated to occur in mid-July. The Company anticipates that the Projected Term Loan would be fully drawn at closing.
It is predictable that proceeds of the Projected Term Loan will be used to repay all outstanding borrowings under the Company’s existing revolving credit facility ($263 million outstanding at May 31, 2015), to pay fees and expenses, and for general corporate purposes, counting capital expenditures.
The Projected Term Loan is subject to, among other things, successful syndication, negotiation, execution and delivery of definitive loan documentation, and various customary closing conditions. The terms of the Projected Term Loan could differ materially from those described above. No assurance can be given that the Projected Term Loan will be consummated.
Swift Energy Company, an independent oil and gas company, acquires, explores, develops, and operates oil and gas properties. The company focuses on the Eagle Ford trend of South Texas, in addition to the onshore and inland waters of Louisiana. As of December 31, 2014, it had estimated proved reserves of 193.8 million barrels of oil equivalent. Swift Energy Company was founded in 1979 and is headquartered in Houston, Texas.
Honeywell International Inc. (NYSE:HON), during its Thursday’s current trading session gained 0.03% to $102.87.
Honeywell (HON) Process Solutions (HPS) and Intel Security declared they will collaborate to assist bolster protection of critical industrial infrastructure and the Industrial Internet of Things (IIoT). Intel Security’s McAfee® technologies will be integrated with Honeywell’s Industrial Cyber Security Solutions, providing Honeywell customers with improved security software to protect their control systems from malware and misuse.
HPS is a leader in the industrial automation space, and its Industrial Cyber Security Solutions group has a dedicated global team of industrial cyber security experts that provide products, services and technologies to assist protect industrial automation and control systems against cyber threats. The partnership between Intel Security and HPS will combine the latest advances in cyber security technology with Honeywell’s unique industrial process domain knowledge to provide tailored security solutions for the industrial environment.
Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide. Its Aerospace segment provides aircraft engines, integrated avionics, systems and service solutions, and related products and services for aircraft manufacturers and operators, airlines, military services, and defense and space contractors; and spare parts, and repair and maintenance services for the aftermarket. This segment provides auxiliary power units; propulsion engines; turbochargers and thermal systems; engine controls; environmental control, electric power, flight safety, communications, navigation, radar, and surveillance systems; aircraft lighting; systems and instruments; aircraft wheels and brakes; and administration, technical, logistics, repair, and overhaul services for original equipment manufacturers in the air transport, regional, business, and general aviation aircraft, in addition to for automotive and truck manufacturers.
Finally, Voya Financial Inc (NYSE:VOYA), decreased -0.23%, to $47.16.
Voya Financial, Inc. (VOYA), declared that it has designated David Wilken as president of the company’s Individual Life business, effective right away. In this role, Wilken will be responsible for the implementation and execution of a refined vision and strategy for the business, which supports Voya’s broader focus on assisting customers as they plan, invest and protect their savings for retirement. He will have overall responsibility for the strategy of the Individual Life business, and will directly manage product teams, distribution and sales, business development and underwriting. He will also join Voya’s Operating Committee. Wilken reports directly to Insurance Solutions Chief Executive Officer Michael Smith, who oversees the Individual Life, Employee Benefits and Closed Block Variable Annuity segments.
n his most recent role as head of Individual Life Distribution, Wilken was responsible for the leadership and administration of all Individual Life sales distribution channels with a focus on growth in the accumulation and indexed market segments. He formerly served as head of the company’s independent Life sales channel and in various accounting and finance positions for the Life and Annuity businesses.
Voya Financial, Inc. operates as a retirement, investment, and insurance company in the United States. The company has five segments: Retirement, Annuities, Investment Administration, Individual Life, and Employee Benefits. The Retirement segment offers tax-deferred employer-sponsored retirement savings plans and administrative services in corporate, education, healthcare, and government markets; and rollover individual retirement accounts and other retail financial products, in addition to financial advisory services to individual customers.
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