On Thursday, Teekay Tankers Ltd. (NYSE:TNK)’s shares inclined 3.31% to $7.18.
Teekay Tankers Ltd. (TNK) declared that it has agreed to acquire a fleet of 12 modern Suezmax tankers presently owned by Principal Maritime Tankers (Principal), a portfolio company of funds managed by associates of Apollo Global Administration, LLC, for an aggregate purchase price of $662 million. The acquisition is predictable to be right away accretive to Teekay Tankers’ earnings, free cash flow and net asset value per share and, when combined with the Company’s existing fleet of 10 Suezmaxes, will make Teekay Tankers one of the largest owners of Suezmax tankers in the world. With an average age of only 5.5 years, the 12 Suezmaxes to be attained will reduce the average age of Teekay Tankers’ fleet by 1.2 years. The vessels comprised of in the transaction are planned to deliver to Teekay Tankers by the end of October 2015 and are predictable to operate in the spot tanker market upon or soon after delivery.
Financing for this acquisition has been pre-arranged. Teekay Tankers has received commitments from four of its key lenders to provide a new debt facility of about $400 million to be secured by the attained vessels. In addition, Teekay Tankers has agreed to issue new Class A common shares in the amount of $50 million to Principal, $30 million to Teekay Corporation and $60 million to a group of institutional investors, at a weighted average price of $6.76 per share. The remaining amount of the purchase price will be funded from Teekay Tankers’ existing liquidity. As at June 30, 2015, Teekay Tankers had liquidity of about $230 million, which comprised of $37.3 million of net proceeds received during the second quarter of 2015 from the issuance of common units under the Company’s continuous offering program.
Teekay Tankers Ltd. is engaged in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. As of December 31, 2014, it owned 27 double-hulled conventional oil tankers, time-chartered in 8 Aframax tankers, and 4 long range 2 product tankers from third parties; and owned a 50% interest in 1 very large crude carrier.
ARRIS Group, Inc. (NASDAQ:ARRS)’s shares dropped -4.49% to $27.89.
Windstream (WIN), a leading provider of advanced network communications and technology solutions, is deploying NVG343 residential gateways and VIP Series IP set-tops from ARRIS Group, Inc. (ARRS) to power its next-generation Kinetic television service.
Kinetic, which launched April 15, is accessible to more than 50,000 homes in Lincoln, Nebraska, and offers a new way of watching television that leverages the company’s 100% fiber-backed network. The ARRIS NVG343 gateway and set-tops deliver ultra-fast wireless connections that support HD video streaming and whole-home DVR — for high-quality digital TV anywhere in the house.
ARRIS Group, Inc. provides media entertainment and data communications solutions in the United States and internationally. The company operates in two segments, Customer Premises Equipment and Network & Cloud. The Customer Premises Equipment segment offers various product solutions, counting set-top boxes, gateways, digital subscriber lines and cable modems, and embedded multimedia terminal adapters and voice/data modems that enable service providers to offer voice, video, and high-speed data services to residential and business subscribers.
At the end of Thursday’s trade, Scorpio Bulkers Inc (NYSE:SALT)‘s shares dipped -1.66% to $1.78.
Scorpio Bulkers Inc (SALT) declared that Scorpio Services Holding Limited (“SSH”) purchased an aggregate of 1,050,000 common shares of the Company in the open market at an average price of $1.88 per share. The Company presently has 336,081,930 common shares outstanding, of which SSH owns 17,644,129, or 5.25%.
Scorpio Bulkers Inc., together with its auxiliaries, engages in the marine transportation of dry bulk commodities. Its fleet transports a range of major and minor bulk commodities, counting ores, coal, grains, and fertilizers along worldwide shipping routes. As of April 02, 2015, the company owned eight vessels compriseing of one Capesize, three Kamsarmax, and four Ultramax vessels; had time charters-in 13 dry bulk vessels comprised of one Handymax, one Ultramax, three Supramax, two Panamax, three Kamsarmax, and three Post-Panamax vessels; and contracted for 63 dry bulk vessels, which comprised of 25 Ultramax, 20 Kamsarmax, and 18 Capesize vessels from shipyards in Japan, South Korea, China, and Romania. Scorpio Bulkers Inc. was founded in 2013 and is based in Monaco.
KBR, Inc. (NYSE:KBR), ended its Thursday’s trading session with 3.49% gain, and closed at $18.83.
KBR, Inc. (KBR), a global technology, engineering, procurement and Construction Company serving the hydrocarbons and government services industries, declared strong second quarter 2015 financial results.
Net income attributable to KBR was $62 million or $0.43 per diluted share ($0.46 per diluted share not taking into account $5 million in pre-tax U.S. Government legacy legal fees), in the second quarter of 2015 contrast to a net loss of $8 million or a loss of $0.06 per diluted share, in the second quarter of 2014. Merged revenue in the second quarter of 2015 was $1.4 billion contrast to $1.7 billion in the second quarter of 2014.
KBR, Inc. operates as an engineering, construction, and services company worldwide. The company operates through three segments: Technology & Consulting, Engineering & Construction, and Government Services. The Technology & Consulting segment offers various services and solutions, counting licensing, engineering and design, proprietary equipment, plant automation, catalysts, and related consulting services to hydrocarbons, chemicals, and fertilizer markets.
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