On Wednesday, Key Energy Services, Inc. (NYSE:KEG)’s stock showed no change to $2.14.
Key Energy Services, Inc. (KEG) declared that it has closed a $100 million asset-based revolving credit facility (“ABL”) due February 2020 and closed and funded a $315 million term loan facility due June 2020 (together, the “Facilities”). The Facilities replace Key’s existing $400 million senior revolving credit facility.
The Facilities do not have cash flow based financial maintenance covenants; however, the Facilities require Key to maintain $100 million in liquidity, counting cash and availability under the ABL. Upon closing, Key had $270.6 million of liquidity, assuming the completion of certain post-closing collateral perfection requirements. The Facilities also require Key to maintain the ratio of the net orderly liquidation value of its assets and certain term loan proceeds to term loan borrowings of 1.5x. As of the date of closing, this ratio was 2.15x. The ABL also comprises a fixed charge coverage ratio of 1.0x, which is tested only if excess availability under the ABL falls below a specified threshold or upon the occurrence of certain other events. The term loan was issued at an OID of 3.0% with an annual rate of LIBOR plus 9.25% with a 1.00% LIBOR floor. The ABL bears interest at an annual rate on outstanding borrowings of LIBOR plus 4.5%, with a fee on unused commitments ranging from 1.00% - 1.25% based on utilization. Key plans to file copies of the Facilities with the U.S. Securities and Exchange Commission as exhibits to a Current Report on Form 8-K, and reference should be made to the Facilities for a complete description of their terms.
Bank of America Merrill Lynch acted as the Sole Lead Arranger of the term loan facility and Bank of America Merrill Lynch and Wells Fargo acted as Joint Lead Arrangers on the ABL.
Key Energy Services, Inc. operates as an onshore rig-based well servicing contractor in the United States and internationally. It offers rig-based services, counting the maintenance, workover, and recompletion of existing oil wells; completion of newly-drilled wells; and plugging and abandonment of wells at the end of their lives, in addition to specialty drilling services to oil and natural gas producers.
Raytheon Company (NYSE:RTN)’s shares gained 1.06% to $100.96.
Raytheon Company (RTN) has accomplished extensive lab testing on a new extended range variant of the combat-proven AMRAAM®. The tests validate that AMRAAM-ER can be integrated and employed from the NASAMS launcher. Designed specifically for ground-based air defense, AMRAAM-ER will be combined with AN/MPQ-64 F1Sentinel radar and the NASAMS launcher to provide raised air defense protection in the medium range air defense market.
Raytheon is integrating the Evolved Sea Sparrow Missile rocket motor into AMRAAM-ER, enabling the new missile to intercept targets at longer ranges and higher altitudes. Completion of lab testing allows Raytheon to move forward with launcher and system integration planned to start mid-2015 followed by a live firing demonstration. Raytheon is on plan to flight test AMRAAM-ER before the end of the year.
Raytheon Company develops integrated products, services, and solutions in the areas of sensing; effects; command, control, communications, and intelligence; mission support; and cyber and information security worldwide. It operates in four segments: Integrated Defense Systems (IDS); Intelligence, Information, and Services (IIS); Missile Systems (MS); and Space and Airborne Systems (SAS).
At the end of Wednesday’s trade, Axalta Coating Systems Ltd (NYSE:AXTA)‘s shares dipped -0.26% to $35.09.
Axalta Coating Systems Ltd (AXTA) has designated Axalta as the exclusive supplier for its corporate rebranding program to re-paint Hoau’s fleet of heavy duty trucks. Axalta’s Nason® refinish systems will be used to re-spray Hoau Group trucks.
As a pioneer in the Chinese freight transportation industry, Hoau Group has recently unveiled its new corporate image. Founded in 1995, Hoau Group is a leading freight and transportation company in China. Hoau has 54 transit hubs and 1,500 commercial networks in over 600 cities across China.
After several rounds of testing, Hoau chose Axalta’s Nason refinish systems to re-spray all its trucks with its new brand image. Hoau will spray it trucks with its Axalta’s Nason Bus Surfacer and Top Coat products, which provide vivid colors, fast drying performance and excellent durability. Nason’s superior quality and fast-drying performance are designed to waste during the application process, providing a cost-effective and sustainable solution while using less paint.
Axalta Coating Systems Ltd., through its auxiliaries, manufactures, markets, and distributes high performance coatings products primarily for the transportation industry. It operates through two segments, Performance Coatings and Transportation Coatings. The Performance Coatings segment offers various waterborne and solvent borne products and systems that are used to refinish damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops.
Hawaiian Holdings, Inc. (NASDAQ:HA), ended its Wednesday’s trading session with 22.40% gain, and closed at $3.66.
Hawaiian Holdings, Inc. (HA) posted a decent rise in air traffic for the month of May, this year. Traffic – measured in revenue passenger miles (RPMs) – came in at 1.2 billion, up 5.3% from 1.14 billion recorded in the comparable month a year ago.
On a year-over-year basis, merged capacity (or accessible seat miles/ASMs) inched up 3.3% to stand at 1.5 billion. Moreover, the load factor or percentage of seats filled by passengers reduced to 80.5% from 79.1% in May 2014.
For the first five months of 2015, Hawaiian Airlines generated RPMs of 5.64 billion (up 4.5% from the corresponding period last year) and ASMs of 7.13 billion (up 4.4% year over year). Meanwhile, the load factor remained flat year over year at 79.1%.
Hawaiian Airlines is presently focusing on driving air traffic in June when most schools will close for the summer vacation. In line with this, the carrier plans to flag-off daily non-stop flights between Tokyo International Airport at Haneda (HND) and Kona International Airport (KOA) in the Island of Hawai’i this summer, subject to approval from the U.S. Department of Transportation (DOT).
Hawaiian Holdings, Inc., through its partner, Hawaiian Airlines, Inc., engages in the planned air transportation of passengers and cargo. It offers daily services on North America routes between the state of Hawaii and Los Angeles, Oakland, Sacramento, San Diego, San Francisco, and San Jose, California; Las Vegas, Nevada; Phoenix, Arizona; Portland, Oregon; and Seattle, Washington, in addition to daily services on its neighbor island routes among the four major islands of the state of Hawaii.
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