On Friday, Sealed Air Corp (NYSE:SEE)’s shares inclined 0.70% to $52.00.
Sealed Air Corp (SEE) declared the closing of its formerly declared offering of $400 million aggregate principal amount of 5.500% senior unsecured notes due 2025 (the “Dollar Notes”) and €400 million aggregate principal amount of 4.500% senior unsecured notes due 2023 (together with the Dollar Notes, the “Notes”). The Notes were sold to investors at 100.0% of their aggregate principal amount.
The Company is using the net proceeds from the offering of the Notes to repurchase all of its outstanding 8.375% Senior Notes due 2021 pursuant to the tender offer that the Company launched on June 8, 2015, and to pay related premiums, fees and expenses in connection therewith.
The Notes and related guarantees have been offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The Notes have not been registered under the Securities Act, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor has there been any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Sealed Air Corporation provides food safety and security, facility hygiene, and product protection solutions worldwide. The company’s Food Care segment offers integrated system solutions that incorporate equipment systems into customers operations; and packaging equipment systems that incorporate various options for loading, filling and dispensing, and retort and aseptic processing conditions.
Assurant, Inc. (NYSE:AIZ)’s shares dropped -0.07% to $68.56.
A.M. Best has downgraded the issuer credit ratings to “bbb” from “bbb+” and affirmed the financial strength rating of B++ (Good) of the health insurance auxiliaries of Assurant, Inc. (AIZ): Time Insurance Company (TIC) and John Alden Life Insurance Company (John Alden). All ratings have been placed under review with negative implications. TIC and John Alden are domiciled in Milwaukee, WI and are collectively referred to as Assurant Health.
The actions follow Assurant’s recent declarement that it has concluded its review of planned alternatives for its health business and will exit the health insurance market by 2016. The cost estimates associated with the market exit will be in the range of $175-250 million and comprise premium deficiency reserves, severance and retention, and other transaction costs – most of which are predictable to flow through TIC’s financial statements. A.M. Best’s ratings on Assurant’s other auxiliaries, counting those parts of its employee benefits segment that is presently up for sale, remain unchanged.
The under review status reflects the uncertainty related to the future capitalization of Assurant Health, given the revealed cost estimates and anticipated operating losses for the remainder of 2015. A.M. Best notes that Assurant Health has historically benefited from sizable cash infusions from Assurant, most recently, a $30 million contribution in April 2015. Although A.M. Best maintains its perspective that Assurant will continue to support its obligations to customers and policyholders during the process, it is presently unclear what level of risk-adjusted capitalization will be maintained. The under review status will be resolved once A.M. Best has a clearer picture as to the capital positions of TIC and John Alden.
Assurant, Inc., through its auxiliaries, provides specialized insurance products and related services in North America, Latin America, Europe, and internationally. The company operates through Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits segments.
At the end of Friday’s trade, The Rubicon Project Inc (NYSE:RUBI)‘s shares dipped -3.13% to $16.11.
The Rubicon Project Inc (RUBI) disclosed for the first time the success of its two-year initiative to automate the buying and selling of premium advertising inventory, at scale, across the mobile marketplace.
The technology leader announced that managed revenue attributable to its mobile offering surged more than 1,300 percent between the first quarter of 2013 and the first quarter of 2015. Mobile now accounts for more than 20 percent of the company’s total managed revenue, up from less than 3 percent just two years ago. The company expects its mobile managed revenue to surpass $200 million for fiscal 2015.
The Rubicon Project, Inc., a technology company, engages in automating the buying and selling of advertising. The company offers Advertising Automation Cloud, a technology platform that creates and powers a marketplace for the real time trading of digital advertising between buyers and sellers.
Sky-mobi Ltd (ADR) (NASDAQ:MOBI), ended its Friday’s trading session with -6.42% loss, and closed at $5.32.
Sky-mobi Ltd (ADR) (MOBI) declared that the Company will be attending the China Internet, Media and Technology Conference organized by Macquarie Group on June 23-26, 2015 in Beijing, China. Mr. Xiaodong (Fischer) Chen, chief financial officer of Sky-mobi is presently planned to meet with investors, industry specialists and media at the conference.
Sky-mobi Limited, through its auxiliaries, operates a mobile application platform embedded on mobile phones to provide mobile application store and services in the People’s Republic of China. The company’s Maopao mobile application store enables users to browse and download various applications and content, such as games, music, and books. It also operates the Maopao Game Center, a game store that enables user to browse, search, and download mobile games; and Maopao Community, a platform application that creates virtual profiles, befriend others who share similar ideas, interests, or activities and view the profiles or track the status of their friends through blogs, pictures, instant messages, and other social networking functions, in addition to Maopao Browser, which allows mobile users to locate information accessible online.
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