On Monday, HRG Group, Inc. (NYSE:HRG)’s shares surged 2.96% to $12.52, after HRG Group declared that on April 9, 2015, it priced an offering of $100.0 million aggregate principal amount of its 7.875% Senior Secured Notes due 2019 (CUSIP No.: 40434J AA8 / ISIN: US40434JAA88 (Rule 144A) and CUSIP No.: U4428L AA4 / ISIN: USU4428LAA45 (Regulation S)). The New Notes are predictable to be issued under the Company’s existing indenture governing its 7.875% Senior Secured Notes due 2019. The New Notes were priced at 104.500% of par with a coupon of 7.785% plus accrued interest from January 15, 2015. The Notes will mature on July 15, 2019. The offering was predictable to close on or about April 14, 2015. The Company anticipates to use the net proceeds from the issuance of the New Notes for working capital by it and its auxiliaries and for general corporate purposes, counting further investments in HRG’s existing businesses and the financing of future attainments and businesses.
HRG Group, Inc., through its auxiliaries, provides various branded consumer products. The company operates in four segments: Consumer Products, Insurance, Energy, and Financial Services. Its product portfolio comprises consumer batteries, such as alkaline and zinc carbon batteries, rechargeable batteries and chargers, hearing aid batteries, other specialty batteries, and portable lighting products; small appliances comprising small kitchen appliances and home product appliances; and pet supplies comprising of aquatic equipment and supplies, dog and cat treats, small animal foods, clean up and training aids, health and grooming products, and bedding products.
Emerson Electric Co. (NYSE:EMR)’s shares gained 2.73% to $58.40, during the last trading session on Monday, as Emerson Process Administration, a global business of Emerson (EMR), has accomplished automating a new 800-megawatt, supercritical thermal power-generating unit owned by APPDCL, a special purpose entity of APGENCO, the Andhra Pradesh state government power generation utility. This is the first state-owned supercritical power station being built in India. Located in Krishnapatnam, the Sri Damodaram Sanjeevaiah Thermal Power Station is a USD 2 billion investment by APGENCO that will provide new, low-emissions generation capacity to support the region’s rapid economic growth.
The new power station uses supercritical boiler/turbine technology that operates at a higher temperature than traditional coal-fired units, boosting the efficiency of electricity generation while reducing carbon and other emissions. Emerson’s automation technology has been selected for more than 300 of these complex units worldwide, 10 of which are located in India.
Emerson was selected as the main automation contractor by TATA Projects Ltd., the engineering, procurement and construction (EPC) contractor for critical sections of the plant. The first unit at Sri Damodaram Sanjeevaiah is ready to start commercial operations; Emerson is presently automating the second unit at the site, which is predictable to be accomplished this spring.
According to APPDCL, the supercritical units are performing surpassingly well and this new power station will provide a reliable source of electricity for Andhra Pradesh. Emerson’s experience and expertise in managing large, complex supercritical projects provides the confidence that the full benefits of these new units will be gained.
Emerson Electric Co. provides technology and engineering solutions to industrial, commercial, and consumer markets worldwide. It operates through five segments: Process Administration, Industrial Automation, Network Power, Climate Technologies, and Commercial & Residential Solutions.
At the end of Monday’s trade, Genworth Financial, Inc. (NYSE:GNW)’s shares gained 2.72% to $7.94, following a Sky News report suggesting the struggling insurance company is in talks with private equity firm JC Flowers regarding the sale of the company’s lifestyle protection unit.
JC Flowers is believed to be one of several bidders talk abouting the attainment of the unit, which operates in over 25 countries.
As far back as 2012 Genworth had identified the business as “non-core,” Sky News said, adding that the unit was only put up for sale late last year when Barclays (BCS) was hired to oversee an auction.
It is estimated that the division could bring in $500 million.
Apollo and Warburg Pincus are said to also have expressed interest in Genworth’s lifestyle protection unit.
Genworth Financial, Inc. provides insurance, retirement, and homeownership solutions in the United States and internationally. It operates through U.S. Life Insurance, International Mortgage Insurance, U.S. Mortgage Insurance, International Protection, and Runoff segments. The U.S. Life Insurance segment offers and manages various life insurance, long-term care insurance, and fixed annuity products.
Finally, Ariad Pharmaceuticals Inc. (NASDAQ:ARIA), ended its Monday’s trading session with 2.48% gain, and closed at $8.67, as on April 6, an oncology company, declared that Health Canada has approved the use of Iclusig™ (as ponatinib hydrochloride) in Canada for the treatment of adult patients with all phases of chronic myeloid leukemia (CML) or Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) for whom other tyrosine kinase inhibitor (TKI) therapy is not appropriate, counting CML or Ph+ ALL that is T315I mutation positive, or where there is preceding TKI resistance or intolerance.
Iclusig is approved under the Notice of Compliance with Conditions (NOC/c) policy based on promising evidence of clinical effectiveness following review by Health Canada. Products approved under this policy are intended for the treatment, prevention or diagnosis of a serious, life-threatening or severely debilitating illness, and have demonstrated promising benefit, are of high quality and possess an acceptable safety profile based on a benefit/risk assessment. In addition, these products either respond to a serious unmet medical need in Canada or have demonstrated a noteworthy improvement in the benefit/risk profile over existing therapies.
Iclusig will be made accessible through a controlled distribution program. Under this program, prescribers who have accomplished the certification procedure are able to prescribe Iclusig. Trained pharmacies will verify the prescriber’s certified status preceding to dispensing Iclusig to the patient.
The Health Canada decision was based on two-year data from the pivotal Phase 2 PACE trial in patients with CML or Ph+ ALL who were resistant or intolerant to preceding TKI therapy, or who had the T315I mutation of BCR-ABL. Iclusig demonstrated anti-leukemic activity, achieving a major cytogenetic response (MCyR) in 56 percent of chronic-phase CML patients and in 70 percent of patients with the T315I mutation. MCyR within the first 12 months of treatment was the primary endpoint of the PACE trial for chronic-phase patients.
In patients with advanced disease, 57 percent of accelerated-phase CML patients and 31 percent of blast-phase CML patients achieved a major hematologic response (MaHR) with Iclusig. MaHR within the first 6 months was the primary endpoint in the trial for patients with advanced disease. In patients with Ph+ ALL, 41 percent achieved MaHR.
ARIAD Pharmaceuticals, Inc., an oncology company, engages in the discovery, development, and commercialization of medicines for cancer patients. The company offers Iclusig (ponatinib), a tyrosine kinase inhibitor (TKI) for the treatment of adult patients with chronic myeloid leukemia (CML), and Philadelphia chromosome-positive acute lymphoblastic leukemia in the United States, Europe, and other territories.
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