On Thursday, Denny’s Corporation (NASDAQ:DENN)’s shares enhanced 3.55%, and closed at $11.68, as it has reached a new five-year $250 million revolving credit facility.
The new credit facility replaces a term loan of $54.75 million and a $190 million revolving line of credit. Borrowings under the credit facility will bear a tiered interest rate, which is based on the Corporation’s merged leverage ratio and is initially set at LIBOR plus 150 basis points. The new facility reduces the Corporation’s credit spread by 25 basis points, at the current merged leverage ratio.
In addition, the Corporation will have improved financial flexibility specifically towards returning capital to shareholders. At the time of closing, there were $135 million of borrowings under the new revolving line of credit, in addition to letters of credit issued in the normal course of business.
Dennis Corporation, through its partner, Denny’s, Inc., owns and operates full-service restaurants under the Denny’s brand name. As of December 31, 2014, it operated 1,702 franchised, licensed, and corporation owned restaurants, counting 1,596 restaurants in the United States; and 106 restaurants in Canada, Costa Rica, Mexico, Honduras, Guam, Curaçao, Puerto Rico, Dominican Republic, El Salvador, Chile, and New Zealand.
VIVUS, Inc. (NASDAQ:VVUS), inclined 3.40%, and closed at $2.43, as a biopharmaceutical corporation, declared an operational update, counting certain key corporate decisions and plans regarding Qsymia® (phentermine and topiramate extended-release) capsules CIV.
These plans comprise further investments in high-value, consumer-focused digital media projects in support of obesity education and Qsymia, and focusing the Qsymia field sales organization of about 100 territories on the most productive target areas. Administration will continue discussions with US and EU regulatory authorities regarding Qsymia development and potential cost-saving measures related to the planned cardiovascular outcomes trial (CVOT), and will aim to further improve corporate efficiency and control costs while maintaining and extending the value of avanafil.
VIVUS, Inc., a biopharmaceutical corporation, develops and commercializes therapies to address unmet needs in obesity, sleep apnea, diabetes, and sexual health in the United States and the European Union.
At the end of Thursday’s trade, United States Steel Corporation (NYSE:X), surged 3.40%, and closed at $24.66, after United States Steel Corporation, declared it will adjust operations and temporarily idle a portion of its Minnesota Ore Operations – Minntac plant in Mt. Iron, Minn., effective June 1. This action is due to the corporation’s current inventory levels and ongoing adjustment of its steelmaking operations throughout North America. The corporation will continue to operate Minntac at reduced capacity in order to meet customer demand.
The corporation routinely adjusts production at its operating facilities to reflect market fluctuations. These ongoing operational adjustments are a result of challenging market conditions that reflect the cyclical nature of the industry. Global influences in the market, counting a high level of imports, unfairly traded products and reduced steel prices, continue to have an influence. As part of the temporary idling, all employees at Minntac have been advised of the forthcoming temporary idling and are being issued notices under the Worker Adjustment and Retraining Notification (WARN) Act. The number of employees influenced will be based upon operational and, or maintenance needs.
United States Steel Corporation produces and sells flat-rolled and tubular steel products in North America and Europe. It operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular).
Inventergy Global Inc (NASDAQ:INVT), gained 1.09%, and closed at $0.465, after the company declared that it has reached definitive contracts with several institutional investors and accredited investors to purchase a total of $2.15 million of ordinary stock of the Corporation, comprising of 4,673,914 shares of ordinary stock at $0.46. Gross proceeds will be about $2.15 million, which the Corporation intends to use for working capital purposes in support of its intellectual property (IP) licensing strategies.
The closing of the offering is predictable to take place on or before April 7, 2015, and is subject to the satisfaction of customary closing conditions.
Inventergy Global, Inc. operates as an intellectual property (IP) investment and licensing corporation. It offers technology companies a corporate licensing model for IP value creation that provides immediate returns and long-term licensing proceed. The corporation is based in Campbell, California
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