On Wednesday, Shares of Chesapeake Energy Corporation (NYSE:CHK), gained 7.66% to $7.31.
Chesapeake Energy Corporation declared it has amended its five-year, $4.0 billion revolving credit facility agreement maturing in 2019 with its bank syndicate group. Key attributes comprise:
- Facility moves to a $4.0 billion senior secured revolving credit facility from a senior unsecured revolving credit facility
- The initial borrowing base is confirmed at $4.0 billion, consistent with current availability
- Previous total leverage ratio financial covenant of 4.0x trailing 12-month earnings before interest, depreciation and amortization (EBITDA) is suspended
- Two new financial covenants comprise a senior secured leverage ratio of 3.5x through 2017 and 3.0x thereafter, and an interest coverage ratio of 1.1x through the first quarter of 2017, increasing incrementally to 1.25x by the end of 2017.
Chesapeake’s credit facility may become unsecured when specific conditions set forth in the credit agreement are met. During an unsecured period, the total leverage ratio would be reinstated and the senior secured leverage ratio and interest coverage ratio would no longer apply. While Chesapeake’s obligations under the facility are secured, the amendment gives Chesapeake the ability to incur up to $2.0 billion of junior lien indebtedness. As of September 30, 2015, Chesapeake has $12.0 million in outstanding letters of credit under the facility with the remainder of the $4.0 billion available.
Chesapeake Energy Corporation is a producer of natural gas, oil and natural gas liquids (NGL) in the United States. The Company operates in two segments: Exploration and Production, and Marketing, Gathering and Compression. The exploration and production segment is responsible for finding and producing oil, natural gas and NGL.
Shares of Petroleo Brasileiro SA - Petrobras (ADR) (NYSE:PBR), inclined 11.83% to $4.35, during its last trading session.
Brazil’s state-run oil company Petroleo Brasileiro SA said on Wednesday it agreed a 4.08 billion real ($1.03 billion) credit line with state-run bank Banco do Brasil, according to Reuters.
Petrobras said the credit line would be used for exports and that the cost and timeframe of the deal were “advantageous.”
Petroleo Brasileiro SA - Petrobras is a Brazil-based integrated energy company. The Company operates in the Exploration and Production (E&P); Refining, Transportation and Marketing (RTM); Gas and Power; Biofuels; Distribution, and International segments. E&P comprises exploration, development and production of crude oil, natural gas liquid and natural gas in Brazil. RTM covers the refining, logistics, transport and trading of crude oil and oil products activities, export of ethanol, extraction and processing of shale, and interests in petrochemical companies in Brazil.
Shares of Bristol-Myers Squibb Co (NYSE:BMY), inclined 1.01% to $59.17, during its last trading session.
Bristol-Myers Squibb Company declared longer term (18 month) survival data from CheckMate -057, an open-label, randomized Phase 3 study evaluating Opdivo (n=292) as compared to docetaxel (n=290) in formerly treated patients with advanced, non-squamous (NSQ) non-small cell lung cancer (NSCLC). Opdivo continued to demonstrate superior overall survival (OS) – the study’s primary endpoint – with an estimated 39% of patients alive at 18 months (95% CI, 34-45) as compared to 23% for docetaxel, based on a minimum follow-up of 17.1 months. Opdivo also continued to demonstrate a reduction in the risk of death by 28% (a hazard ratio of 0.72; 95% CI, 0.60 - 0.88). In the study, Grade 3-4 treatment-related adverse events were stated in 10% of patients treated with Opdivo as compared to 54% in the docetaxel arm. These data will be presented on Monday, September 28 during the 2015 European Cancer Congress (ECC 2015) (Abstract # 3010) and published in the New England Journal of Medicine.
“These longer term survival results for nivolumab in advanced, non-squamous non-small cell lung cancer support the potential for this Immuno-Oncology agent in treating lung cancer patients,” said Leora Horn, M.D., Vanderbilt-Ingram Cancer Center. “CheckMate -057 builds upon its critical findings and now, data show a sustained survival benefit for nivolumab in this hard-to-treat disease that is incredibly encouraging for oncologists, and most importantly, for our patients.”
CheckMate -057 clinical results were first stated at the 51st Annual Meeting of the American Society of Clinical Oncology, marking the first time a PD-1 inhibitor demonstrated superior OS as compared to docetaxel in formerly treated patients with NSQ NSCLC. Data from this trial have been accepted for regulatory review by the U.S. Food and Drug Administration (FDA) and the European Medicines Agency to expand the respective Opdivo indications to comprise formerly treated patients with NSQ NSCLC. This application has also been granted Priority Review in the U.S., and Opdivo has received Breakthrough Therapy Designation for this indication.
Bristol-Myers Squibb Company (BMS) is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products across the world. The Company’s products are sold to wholesalers, retail pharmacies, hospitals, government entities and the medical profession. The Company manufactures its products in the United States, Puerto Rico and in six foreign countries.
Finally, Opko Health Inc. (NYSE:OPK), ended its last trade with -0.18% loss, and closed at $8.40.
Recently, the CEO & Chairman of Opko Health (NYSE: OPK), Phillip Frost, bought shares of OPK for $251.4k, according to AnalystsRatings.
Over the last month, Phillip Frost has stated 15 Buy trades on OPK for a total of $6.35M. In addition to Phillip Frost, 2 other OPK executives stated Buy trades in the last month.
Based on Opko Health`s latest earnings report from June 30, the company posted quarterly revenue of $42.43M and GAAP net loss of $42.77M. In comparison, last year the company earned revenue of $19.77M and had a GAAP net loss of $48.67M. The company has a one year high of $19.20 and a one year low of $8.02. Presently, Opko Health has an average volume of 8.87M.
Based on 3 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $16.67, reflecting a -49.5% downside. Six different firms, counting Dougherty and Jefferies, presently also have a Buy rating on the stock.
Looking at blogger coverage of OPK, there is a 85% Bullish tendency on the stock, in relation to a 75% average bullish tendency within the Healthcare sector. AnalystsRatings Reports
OPKO Health, Inc. (OPKO) is a biopharmaceutical and diagnostics company. The Company is involved in developing a range of solutions to diagnose, treat and prevent various conditions, counting point-of-care tests, laboratory developed tests (LDTs), molecular diagnostics tests, and pharmaceuticals and vaccines.
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