On Friday, Blackstone Group LP (NYSE:BX)’s shares inclined 0.57% to $33.67.
The PMI Group (PMIR) (“PMI” or the “Company”) declared that funds associated with Blackstone Tactical Opportunities (“Blackstone”) have made a planned investment in the Company.
In connection with the purchase of a noteworthyequity stake in PMI, Blackstone has agreed to provide the Company with a loan for working capital needs in exchange for warrants and certain other rights. The Company intends to use the funds to pursue its investment strategy, which may comprise raising additional capital. Among other rights, Blackstone will have the right to take part in future equity offerings by the Company and is predictable to nominate a director to the Board.
Peter J. Solomon Company is acting as financial advisor to the Company in connection with the transactions contemplated herein. Skadden, Arps, Slate, Meagher & Flom LLP is counsel to the Company. Blackstone Advisory Partners L.P. is acting as financial advisor and Weil, Gotshal & Manges LLP is counsel to Blackstone.
The Blackstone Group L.P. is a publicly owned investment manager. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations. The firm manages separate client focused portfolios. It launches and manages private equity funds, real estate funds, funds of hedge funds, and credit-focused funds for its clients. It invests in private equity, public equity, fixed income, and alternative investment markets. The firm was founded in 1985 and is based in New York, New York.
Navistar International Corp (NYSE:NAV)’s shares dropped -4.00% to $17.99.
International Truck recently declared it plans to offer over-the-air (OTA) reprogramming of engine control modules (ECM) for International® trucks powered by its N9, N10 and N13 proprietary engines. The company has accomplished its initial testing in its International Truck test fleets and will finalize testing in customer fleets this fall. The official launch of two-way connected vehicle technology in new International models will come early next year.
In the initial launch phase, International Truck’s OTA technology will be accessible on model year 2017 International trucks powered by proprietary N9, N10 and N13 engines. OTA reprogramming of the truck’s ECM will enable the driver or fleet manager to utilize a mobile interface to initiate reprogramming. This quick procedure can be performed at the customer’s facility over a safe, secure Wi-Fi connection. The company continues to partner with industry-leading data and technology companies to ensure the system offers the highest level of security.
Navistar International Corporation manufactures and sells commercial and military trucks, diesel engines, and school and commercial buses; and provides service parts for trucks and diesel engines worldwide. It operates through four segments: North America Truck, North America Parts, Global Operations, and Financial Services.
At the end of Friday’s trade, Aetna Inc (NYSE:AET)‘s shares dipped -1.48% to $113.48.
A special meeting of shareholders of Aetna (AET) to approve the issuance of Aetna common shares to Humana Inc. stockholders in connection with Aetna’s acquisition of Humana and to approve the adjournment of the special meeting of shareholders if necessary to solicit additional proxies will occur on Monday, October 19, 2015. The special shareholders meeting will be held at 1:30 p.m. ET at the Hilton Garden Inn, 85 Glastonbury Blvd., Glastonbury, Conn. The record date for determination of shareholders entitled to vote at the special meeting will be the close of business on September 16, 2015.
Aetna Inc. operates as a health care benefits company in the United States. It operates through three segments: Health Care, Group Insurance, and Large Case Pensions. The Health Care segment offers medical, pharmacy benefit administration services, dental, behavioral health, and vision plans on an insured basis, and an employer-funded or administrative basis. It also provides point-of-service, preferred provider organization, health maintenance organization, and indemnity benefit plans, in addition to health savings accounts and consumer-directed health plans. In addition, this segment offers Medicare and Medicaid products and services, and other medical products, such as medical administration and data analytics services, medical stop loss insurance, workers’ compensation administrative services, and products that provide access to its provider netoperates in select geographies.
PIMCO High Income Fund (NYSE:PHK), ended its Friday’s trading session with -2.33% loss, and closed at $7.97.
The Boards of Trustees/Directors of the PIMCO closed-end funds (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund’s common shares as summarized below. The distributions are payable on October 1, 2015 to shareholders of record on September 11, 2015, with an ex-dividend date of September 9, 2015.
Certain of the Funds declared distribution changes this month. PDI’s and PCI’s monthly distributions were raised by $0.010500 per share and $0.007813 per share, respectively. PHK’s distribution was reduced by $0.018415 per share.
PIMCO High Income Fund is a diversified closed-end administration investment company. The Fund’s investment objective is to seek high current income and capital appreciation as a secondary objective using a dynamic asset allocation strategy among multiple fixed income sectors in the credit markets. The fund focuses on duration administration, credit quality analysis, risk administration techniques and broad diversification among issuers, industries and sectors. The fund may invest any portion of its assets in below-investment-grade securities, or high yield bonds.
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