DOCSLIB.ORG

Leveraged Finance 2

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Leveraged Finance 2 Leveraged 04.27.11 BRIEF Finance WEDNESDAY Ford May Return to Investment Grade by Riskiest Junk Rebounds With Biggest April Gains BY SAPNA MAHESHWARI Yearend: JPMorgan The riskiest junk bonds are again producing the biggest gains in speculative-grade debt as demand meets a shrinking pool of distressed securities and rising optimism BYLISA ABRAMOWICZ the Federal Reserve won’t tighten credit this year. Ford Motor Co.’s debt may be boosted Energy Future Holdings Corp. and Global Crossing Ltd. are leading gains of 1.7 to investment grade this year after the percent this month for debt rated CCC and lower, while higher-ranked BB tier debt company posted its biggest first-quarter is up 1.2 percent, Bank of America Merrill Lynch index data show. Last month, the profit since 1998, according to JPMorgan riskiest debt returned 0.34 percent, trailing a 0.62 percent gain for BB bonds. Chase & Co. “It’s just a continuation of people moving down the food chain in terms of their “We believe an upgrade is highly likely,” search for yield,” said Lon Erickson, a money manager at Thornburg Investment wrote analysts led by Eric Selle in New Management Inc. in Santa Fe, New Mexico, who oversees $9 billion. “Folks being York in a report today. “We are confident in able to refinance themselves gives investors confidence that these companies will Ford’s ability to reduce debt and achieve Continued on next page its stated goal of investment grade status by year-end 2011,” the analysts wrote. For Ford to shed its speculative-grade The Dearborn, Michigan-based car from companies in the auto industry. rating, it needs to repay a $4.1 billion term manufacturer’s 7.45 percent notes due Ford has reduced debt by $17 billion loan and avoid a strike by the United Auto July 2031 could return 11.5 percent over since the beginning of 2010, said Ford’s Worker union, the report said. the next 12 months, the report said. That Chief Executive Officer Alan Mulally in a JPMorgan recommends investors buy compares with projected total returns of television interview on “Bloomberg Sur- Ford bonds “as we believe the high-grade 6.9 percent for the JPMorgan High Yield veillance’’ with Tom Keene. The company compression trade remains intact.’’ Index and 5.9 percent gains among debt now has total automotive debt of $16.6 Continued on next page DEALS MA <GO> BLOOMBERG S&P/LSTA Leveraged-Loan Index 2010 YTD 97 Global M&A Deal Count 25,075 7,942 BAROMETER 96 Global M&A Deal Volume $2.42trn $777 bln 95 DEALS IN THE PIPELINE PREL <GO> 94 MOST ACTIVELY TRADED TrACE<GO> AMT SYNDICATED LENDING CO. RAT. TENOR 93 TKR RAT. CPN PRICE CHG YIELD SPRD (MLN) 92 XCO B3/B 7.50 102.08 N.A. 7.03 366 Select Medical Hldgs Corp B+/B1 $1,200 7 YRS 91 CCMO Ca/CCC- 5.50 73.50 0.00 12.14 1012 US Foodservice Caa2 $425 6 YRS CRUZ Ba2/BB- 8.25 98.75 0.13 8.57 655 Wyle Services Corp -- $283.40 6 YRS 90 WIN Ba3/B+ 7.75 106.25 0.44 6.67 331 Springs Industries Inc -- $300 6 YRS 89 LNY B3/B 11.63 108.50 N.A. 8.80 772 88 CTL Baa3/BB- 7.50 101.67 N.A. 2.21 113 A-10 J-10 A-10 O-10 D-10 F-11 A-11 S Ba3/BB- 6.88 101.00 0.00 -0.37 -42 AMT HIGH YIELD BONDS RAT. TENOR PCS B2/B 7.88 107.63 N.A. 6.17 281 (MLN) NBBHYL INDEX <GO> SCI Ba3/BB- 7.00 105.75 N.A. 5.77 241 Shea Homes LP / Funding Corp -- $750 8 YRS HCA Ba3/BB 7.25 107.50 N.A. 5.89 253 Allison Transmission Inc -- $500 8 YRS THC B1/BB- 8.88 113.44 0.19 5.49 213 Milagro Oil & Gas -- $250 5 YRS CNX B1/BB 8.00 110.38 -0.13 5.39 337 Brown Shoe Co B3/B+ $150 8 YRS Average Junk-Bond Yield Albaugh Inc BB- -- 7 YRS 10 ISSUANCE (U.S.) MOODY’S MTD YTD 9.5 INVESTORS SERVICE 2010 YTD Loans sold $39 bn $184 bn Upgrades 508 159 HY Bonds Issued $24 bn $116 bn 9 Source: FINRA-Bloomberg Downgrades 376 102 PRICING 8.5 1-DAY LEVEL CHANGE 8 STANDARD & POOR’S 2010 YTD S&P/LSTA Leveraged Loan 96.01 0.03 Finra Avg. Junk Yield 7.72 -0.02 Upgrades 576 170 7.5 Markit CDX North American HY 104.78 0.00 Downgrades Markit LCDX 100.73 0.11 A-10 J-10 A-10 O-10 D-10 F-11 A-11 376 107 Markit Itrax Europe 92.68 0.37 SPBDALB INDEX <GO> RATT<GO> 04.27.11 Bloomberg Brief | LEVERAGED FINANCE 2 Ford May Return to Investment Grade by Yearend: JPMorgan Continued from page 1 billion. Returning to an investment-grade ments by May 3 on $800 million of loans MARKET QUOTE rating would lower Ford’s borrowing costs to refinance debt, according to a person and improve earnings. with knowledge of the matter. “One of the major concerns with lower- Moody’s Investors Service changed its The maker of testing gear for the aero- rated credits you always have is, ‘Will outlook on Ford to positive from stable on space and defense industries will pay they have access to the market?”’ said Jan. 28. Moody’s said in a statement that 3.25 percentage points to 3.5 percentage Marc Gross, a money manager in New Ford’s progress in improving its balance points more than Libor on a $725 million York at RS Investments, which oversees sheet “could support a rating upgrade credit facility, said the person. The bench- $3 billion in fixed-income funds. “Now during the next 12 to 18 months.’’ Moody’s mark rate will have a 1.25 percent floor. they do have access to the market, so rates Ford Ba2, the second level below in- Plainview, New York-based Aeroflex may that makes them look more attractive.” vestment grade. Standard & Poor’s rates sell the seven-year debt at 99.5 cents on Ford BB-, three steps below investment the dollar. grade. Ford lost its investment-grade rat- The JPMorgan Chase & Co.-led financ- ings in 2005. ing includes a $75 million revolving line of credit that comes due 2016. Aeroflex Seeks Commitments By Moody’s Investors Service assigned B1 May 3 on $800 Million of Loans ratings to the debt yesterday. Aeroflex Inc. is seeking lender commit- —Krista Giovacco Bloomberg Brief Leveraged Finance Bloomberg LP Riskiest Junk Rebounds With Biggest April Gains 731 Lexington Avenue, New York, NY 10022 212-318-2000 Continued from page 1 Newsletter Ted Merz be able to pay them back and meet their the highest proportion since making up Executive Editor [email protected] obligations.” 15.9 percent of sales in 2008, according 212-617-2309 Dallas-based Energy Future, formerly to JPMorgan. Bloomberg News Robert Burgess known as TXU Corp., led the rally in debt At the same time, the distress ratio of Managing Editor [email protected] 212-617-2945 rated CCC and lower, with its 5.55 percent businesses with debt trading at 10 per- Leveraged Finance Deirdre Fretz notes due November 2014 climbing 16 centage points or more above similar- Editor [email protected] cents in April to 82 cents on the dollar, ac- maturity Treasuries is falling. It dropped to 212-617-5166 cording to Trace, the bond price reporting 3.56 percent this month from 5.24 percent Reporter Lisa Abramowicz [email protected] system of the Financial Industry Regula- in March, according to S&P. That’s the 212-318-2000 tory Authority. The company, which under- lowest since the ratio touched 2.3 percent Contributing Mike Amato, went the largest leveraged buyout in his- in October 2007. Analysts Paul Bandong , tory in 2007, extended due dates on $17.8 Companies have taken advantage of in- Daniel Covello, Spencer Cutter, billion of loans this month and sold bonds vestor appetite for speculative-grade debt Michael Kovacs, as it grappled with natural gas prices that to “fix” capital structures, said Margie Pa- Jill Lewandosky, have fallen by half since the takeover. tel, a senior bond-fund manager at Wells Michael Luongo, Debt from Global Crossing and Level Fargo & Co. in Boston who oversees $1.5 Erich Marriott, recorded the Stephen Ring, 3 Communications Inc. billion of assets. John Veidis, second- and third-best performance this “The whole high-yield universe has not Lee Zeltser, month, according to a Bank of America been a very risky place certainly for the Afrim Zeka Merrill Lynch index for bonds rated CCC last year,” Patel said. “To get twice as much To subscribe via the Bloomberg professional and lower. The unprofitable broadband in CCCs when defaults are a touch under 3 terminal type BRIEF <go> or email: service providers are combining into one percent makes those very attractive.” [email protected] company. The average yield on bonds rated CCC To inquire about advertisements and reprints email: Global Crossing’s $150 million of 9 percent or lower was 10.42 percent yesterday, [email protected] notes due in November 2019 have gained up from 10.08 percent on Feb. 18. That © copyright 2010 Bloomberg LP. All rights reserved. 21 percent and Level 3’s $605 million of was the lowest since June 2007, Bank of 11.875 percent debt due February 2019 re- America Merrill Lynch index data show.
Load more

Recommended publications
  • ENERGY FUTURE HOLDINGS CORP., Aka TXU Corp.; Aka TXU Corp; Aka Texas Utilities, Et Al., Debtors
    PRECEDENTIAL UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT __________ No. 19-3492 __________ IN RE: ENERGY FUTURE HOLDINGS CORP., aka TXU Corp.; aka TXU Corp; aka Texas Utilities, et al., Debtors NextEra Energy, Inc., Appellant __________ On Appeal from the District Court for the District of Delaware (D.C. No. 1-18-cv-01253) District Judge: Hon. Richard G. Andrews __________ Argued July 2, 2020 Before: KRAUSE, PHIPPS, Circuit Judges, and BEETLESTONE,* District Judge. (Filed: March 15, 2021) * Honorable Wendy Beetlestone, United States District Court for the Eastern District of Pennsylvania, sitting by designation. __________ OPINION __________ James P. Bonner [ARGUED] Joshua D. Glatter Fleischman Bonner & Rocco 447 Springfield Avenue 2nd Floor Summit, NJ 07901 Keith M. Fleischman Fleischman Bonner & Rocco 81 Main Street Suite 515 White Plains, NY 10601 Matthew B. McGuire Landis Rath & Cobb 919 Market Street Suite 1800, P.O. Box 2087 Wilmington, DE 19801 Counsel for Appellant NextEra Energy Inc. Daniel G. Egan Gregg M. Galardi [ARGUED] Ropes & Gray 1211 Avenue of the Americas New York, NY 10036 Jonathan R. Ference-Burke Douglas H. Hallward-Driemeier 2 Ropes & Gray 2009 Pennsylvania Avenue, N.W. Suite 1200 Washington, DC 20006 Counsel for Appellees Elliott Associates LP, Elliott International LP, Liverpool Limited Partnership, UMB Bank NA Daniel J. DeFranceschi Jason M. Madron Richards Layton & Finger 920 North King Street One Rodney Square Wilmington, DE 19801 Mark E. McKane [ARGUED] Kirkland & Ellis 555 California Street Suite 2700 San Francisco, CA 94104 Counsel for Appellee EFH Plan Administrator Board BEETLESTONE, District Judge. This case arises from the bankruptcy of Energy Future Holdings and its affiliates (“EFH” or “Debtors”).
    [Show full text]
  • Download 2015 Annual Report
    A Decade of Providing Excellence in Health Care for the Communities We Serve. In this report, which spans a decade from 2006 through 2015, you will learn of ways United Regional has elevated the quality of health care for the communities we serve. Our programs and services have been awarded nationally-recognized certifications for meeting or exceeding the most stringent quality standards. Our safety and quality initiatives have resulted in achieving the highest benchmarking levels. Our highly skilled physicians and staff have the expertise to treat complex medical conditions and perform the latest surgical procedures. Our financial strength has allowed us to reinvest in the most advanced technologies to benefit patient outcomes, build modern and more accessible facilities, bring needed primary care and specialty physicians to the area, and fulfill our strong commitment to provide care for the under and uninsured. Although our accomplishments have been significant, we will never be satisfied with the status quo. United Regional will continue to bring new and better ways to deliver compassionate, quality care for our patients today and well into the future. our passion To provide excellence in health care for the communities we serve. our purpose To make a positive difference in the lives of others. PEOPLE PEOPLE During the past decade, United Regional has developed a culture that embraces our passion of providing excellence in health care for the communities we We are all serve – care that is both high quality and compassionate. It starts with recruiting patients skilled staff and physicians and attracting dedicated volunteers. Then we dedicate resources to help ensure that our people stay committed, engaged, passionate, highly capable and healthy.
    [Show full text]
  • Court Confirms Energy Future Holdings'ʹ Plan of Reorganization
    Court Confirms Energy Future Holdings' Plan of Reorganization Upon Regulatory Approvals and Emergence, EFH to Benefit from Strengthened Balance Sheet and Strong Position in Texas' Competitive Energy Market DALLAS, Dec. 3, 2015 /PRNewswire/ -- Energy Future Holdings today announced that the United States Bankruptcy Court for the District of Delaware has confirmed the company's plan of reorganization. The plan contemplates a tax-free spin of the company's competitive businesses, including Luminant and TXU Energy, and the sale of its holdings in Oncor to a consortium of investors. "We are pleased to have reached this critical milestone on the road to emergence," said John Young, chief executive officer of EFH. "We can now begin, in earnest, to build for the future, with a strong capital structure, excellent assets and a singular commitment to delivering for our customers, employees and business partners in Texas' growing, competitive market. Our financial restructuring has been among the most complex in history, and it is a credit to our entire team and our outside advisors that the company has reached this point while maintaining stellar customer service and operational excellence." Following the court's confirmation, the company must also receive regulatory approvals and satisfy various other closing conditions in order to emerge from chapter 11. The regulatory process is expected to extend into the spring of 2016, though final timing is subject to modification. About Energy Future Holdings EFH is a Dallas-based holding company engaged in competitive and regulated energy market activities in Texas. Its portfolio of competitive businesses consists primarily of Luminant, which is engaged largely in power generation and related mining activities, wholesale power marketing and energy trading, and TXU Energy, a retail electricity provider with 1.7 million residential and business customers in Texas.
    [Show full text]
  • Who Is Most Impacted by the New Lease Accounting Standards?
    Who is Most Impacted by the New Lease Accounting Standards? An Analysis of the Fortune 500’s Leasing Obligations What Do Corporations Lease? Many companies lease (rather than buy) much of the equipment and real estate they use to run their business. Many of the office buildings, warehouses, retail stores or manufacturing plants companies run their operations from are leased. Many of the forklifts, trucks, computers and data center equipment companies use to run their business is leased. Leasing has many benefits. Cash flow is one. Instead of outlaying $300,000 to buy five trucks today you can make a series of payments over the next four years to lease them. You can then deploy the cash you saved towards other investments that appreciate in value. Also, regular replacement of older technology with the latest and greatest technology increases productivity and profitability. Instead of buying a server to use in your data center for five years, you can lease the machines and get a new replacement every three years. If you can return the equipment on time, you are effectively outsourcing the monetization of the residual value in the equipment to an expert third-party, the leasing company. Another benefit of leasing is the accounting, specifically the way the leases are reported on financial statements such as annual reports (10-Ks). Today, under the current ASC 840 standard, leases are classified as capital leases or operating leases. Capital leases are reported on the balance sheet. Operating leases are disclosed in the footnotes of your financial statements as “off balance sheet” operating expenses and excluded from important financial ratios such as Return on Assets that investors use to judge a company’s performance.
    [Show full text]
  • Winners and Losers: Fallout from KKR’S Race for Profit Contents
    Winners and Losers: Fallout from KKR’s Race for Profit Contents Introduction ......................................................................................5 The U.S. Economy .............................................................................9 The KKR Workforce ........................................................................13 Consumers .....................................................................................17 Environment ...................................................................................23 Conclusion .....................................................................................27 Appendices ....................................................................................28 Endnotes ........................................................................................32 Introduction KKR’s Race for Profit 5 Winners and Losers: Fallout from KKR’s Race for Profit The buyout industry and its harmful practices are receiving greater scrutiny as Americans struggle with a growing sense of anxiety over the state of the economy and the expanding income gap between the richest 10th of Americans and those in the middle class. How does the buyout industry’s “see no evil, accept no responsibility” approach to business really impact Main Street America? With hundreds of thousands of employees, KKR portfolio companies together employ one of the largest private workforces of any U.S.-based firm. While recent reports have focused on the net job loss resulting from leveraged buyouts, there
    [Show full text]
  • Texas Ethics Commission 2012 List of Registered Lobbyists with Employers/Clients (Emp/C) Sorted by Lobbyist Name
    TEXAS ETHICS COMMISSION 2012 LIST OF REGISTERED LOBBYISTS WITH EMPLOYERS/CLIENTS (EMP/C) SORTED BY LOBBYIST NAME Lobbyist Lobbyist Mailing Address Telephone # Reporting Type Termination Date EMP/C EMP/C Address Comp. Type Comp. Level EMP/C Term. Date Aanstoos, Alice L. 6500 West Loop South # 5100 Bellaire, TX (713)567-7718 Monthly 12/31/2012 77401-3520 AT&T 208 S. Akard St. Dallas, TX 75202 Prospective $50,000 - $99,999.99 12/31/2012 Abel, Douglas Deane 1515 Hermann Dr. Houston, TX 77004-7126 (713)524-4267 Annual 12/31/2012 Harris County Medical Society 1515 Hermann Dr. Houston, TX 77004 Prospective Less Than $10,000.00 12/31/2012 Acevedo, Adrian G. 1001 Congress Avenue, Suite 400 Austin, TX (512)499-8085 Annual 12/31/2012 78701 Anadarko Petroleum Corporation 1201 Lake Robbins Drive The Woodlands, TX Prospective $50,000 - $99,999.99 12/31/2012 77380 Adair, Bobby Glenn 600 N. Dairy Ashford - 2WL 8024F Houston, (832)486-3395 Annual 12/31/2012 TX 77079 ConocoPhillips 600 N. Dairy Ashford Houston, TX 77079 Prospective $ 0.00 12/31/2012 Adams, Cynthia S. 2100 S IH 35 Suite 202 Austin, TX 78704 (512)692-1465 Annual 12/31/2012 Superior HeatlhPlan 2100 S IH 35 Suite 202 Austin, TX 78704 Prospective $10,000 - $24,999.99 12/31/2012 Page: 1 Texas Ethics Commission * (512) 463-5800 * www.ethics.state.tx.us Date Printed: 02/13/2013 Lobbyist Lobbyist Mailing Address Telephone # Reporting Type Termination Date EMP/C EMP/C Address Comp. Type Comp. Level EMP/C Term.
    [Show full text]
  • Final Environmental Assessment for the Proposed Contract Detention
    DEPARTMENT OF HOMELAND SECURITY U.S. IMMIGRATION AND CUSTOMS ENFORCEMENT ENVIRONMENTAL ASSESSMENT FOR THE PROPOSED CONTRACT DETENTION FACILITY IN THE HOUSTON, TEXAS AREA OF OPERATIONS 29 December 2016 Lead Agency: Department of Homeland Security U.S. Immigration and Customs Enforcement 500 12th Street Southwest Washington, DC 20536 Points of Contact: Trina Fisher Contracting Officer, Detention Compliance and Removals Division DHS ICE Office of Acquisition Management 801 I Street NW, Room 9143 Washington, DC 20536-5750 Elizabeth Kennett Energy, Environmental, and Sustainability Program Manager DHS ICE Office of Asset and Facilities Management 500 12th Street SW, Mail Stop 5703 Washington, DC 20536 1 EXECUTIVE SUMMARY 6 ACRONYMS AND ABBREVIATIONS 8 PROJECT BACKGROUND 11 1.1 Introduction 11 1.2 Purpose and Need 11 1.3 Scope and Content of the Analysis 12 1.4 Interagency Coordination, Consultation and Public Involvement 12 1.5 Description of the Proposed Action and Alternatives 13 1.5.1 Proposed Action 13 1.5.2 No Action Alternative 13 1.5.3 Proposed Action Alternative 1 – Renovations to HPC 14 1.5.4 Proposed Action Alternative 2 – New Facility in Montgomery County 15 1.5.5 Summary of Alternatives Considered but Eliminated 15 AFFECTED ENVIRONMENT AND ENVIRONMENTAL CONSEQUENCES 17 2.1 Geology, Soils, Topography and Seismicity 21 2.1.1 Affected Environment 21 2.1.2 Environmental Consequences 24 2.1.3 Mitigation and BMPs 25 2.2 Hydrology and Water Resources 25 2.2.1 Affected Environment 25 2.2.2 Environmental Consequences 28 2.2.3 Mitigation
    [Show full text]
  • Board of Directors' Pay up from Last Year
    Published By 200 Business Park Drive Armonk, NY 10504 Phone: 914.730.7300 Fax: 914.730.7303 www.total-comp.com 2017 / 2018 BOARD OF DIRECTORS COMPENSATION REPORT January 2018 All rights reserved. © 2018 Total Compensation Solutions, LLC. Printed in the United States of America. This publication of the 2017/2018 Board of Directors Compensation Report may not be reproduced, stored in a retrieval system, or transmitted in whole or in part, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the prior written permission of Total Compensation Solutions, LLC. 200 Business Park Drive, Armonk, NY 10504. The information provided in this report is confidential and for the use of the subscribing organization only. By accepting this material, you agree that it will not be reproduced, copied, transmitted or disclosed to organizations or persons outside of your organization. Table of Contents Section Page I. Executive Summary Introduction ------------------------------------------------------------------- 2 Company Demographics -------------------------------------------------- 5 Findings and Observations ----------------------------------------------- 8 II. Data Analysis Board Structure -------------------------------------------------------------- 13 Committee Structure ------------------------------------------------------- 16 Board Compensation ------------------------------------------------------ 19 III. Board Compensation All Companies --------------------------------------------------------------
    [Show full text]
  • Corporate Sponsors
    CORPORATE SPONSORS • 3Com Corporation • AFAEAT • 3M Company • Affinion Group • 7-Eleven • Affinity Federal Credit Union • A. Teichert & Son • Aflac • A1 Labour Training Services • Afro-Canadian Caribbean Association of • AAA Hamilton and District, Inc. [ACCA] • AARP • AG Communications • Abbott Diabetes Care • Agape Family Worship Center • Abbott Laboratories • AGCO Corporation • Abdul Latif Jameel Company, Ltd. • Age Management N Enrichment • Abe Lee Realty • Agee Chiropractic • Aboitiz & Company, Inc. • AGFA Healthcare • Aboitiz Transport System Corporation • AgFirst Farm Credit Bank • Absolute Software • Agilent Technologies • Abu Dhabi Oil Refinery Company (Takreer) • AGL Resources, Inc. • ABX Air • AgResearch • AC Transit • Agricorp • Accenture • AIA • Access Sacramento - Channel 17 Television • AIG • Accident Fund Insurance • Air International • Achievement Awards Group • Air Products & Chemicals • ACS • Airline Retiree’s Pass Bureau • Actel Corporation • Airline Tariff Publishing Company • ACTS Retirement-Life Communities, Inc. • AISH Hatorah Learning Centre • Acxiom Corporation • Akamai Management Group • Adamson University • AKQA • ADI Group • Akzonobel Paints • Adidas Group • A1 Ain Municipality • Administaff, Inc. • A1 Elm Information Security • Adobe Systems • A1 Khozama International School • ADP • A1 Mulla Group • Advance Auto Parts • A1 Tatweer Company • Advanced Business Consultants • Alabama Power Company • Advanced MED Corporation • Alaska USA Federal Credit Union • Advanced Medical Optics • Al-Banush Club • Advanced
    [Show full text]
  • The Energy and Infrastructure Group 2009 Representative Transactions
    The Energy and Infrastructure Group 2009 Representative Transactions Mergers and Acquisitions COMPANY TYPE OF TRANSACTION AND REPRESENTATION ACADIA POWER PARTNERS Representation of Acadia Power Partners, LLC (APP) and its parent companies in connection with the sale of its electric generating facility, located near Eunice, Louisiana, to two separate buyers. In the first sale, executed in July 2009, Cleco Power LLC (a Louisiana public utility and an affiliate of APP) acquired one of the facility’s two power blocks (each rated at 580 MW) and a 50% interest in related common facilities. In the second sale, executed in October 2009, Entergy Louisiana, LLC (an unaffiliated Louisiana public utility) acquired the facility’s remaining power block and 50% interest in the common facilities. As part of the transactions, the parties negotiated a joint ownership agreement, operating and maintenance agreement, and other arrangements to govern the joint ownership and operation of the newly-separated power blocks and jointly-owned common facilities. BORREGO SOLAR SYSTEMS, INC. Representation of Walsin Lihwa Corporation in connection with its $9 million investment in Borrego Solar Systems, Inc. Borrego Solar specializes in every aspect of solar design and construction in commercial and public sector turnkey, grid– connected solar electric systems. Walsin Lihwa manufactures bare copper wire, wire and cable, and specialty steel in the Greater China region, and has expanded into high-tech industries. DENBURY RESOURCES INC. Representation of J.P. Morgan Securities, financial advisor to Denbury Resources in connection with its $4.5 billion acquisition of Encore Acquisition Company. Texas-based Denbury is an independent oil and gas company and the leading oil and natural gas operator in Mississippi.
    [Show full text]
  • Lenders: the New Owners Year in Review Keep the Receipt
    News for People Tracking Distressed Businesses DECEMBER 2017 VOLUME 31, NUMBER 11 Latest Reports: Year in Review • Bankruptcy Professionals by Julie Schaeffer Refl ect on 2017 There were 6,016 Chapter 11 filings through November 2017, versus 6,179 at the same • Third Circuit Says Received point in 2016. But beyond the numbers, how did 2017 restructuring activity compare to prior years? What were the significant events? And what sectors dominated? Equals Physical Possession We asked six bankruptcy professionals: Thomas Califano, co-chair of DLA Piper’s • Lenders Increasingly U.S. restructuring practice; Benjamin D. Feder, special counsel at Kelley Drye & Become Troubled Retailers’ Warren LLP; Harve Light, a managing director at Conway MacKenzie; Michael J. Musso, a managing director at Conway MacKenzie; Paul Share, a managing director at New Owners ConwayMacKenzie; and Michael J. Venditto, a partner in the financial industry group continued on page 2 Research Report: Who’s Who in Toys-R-Us Keep The Receipt Third Circuit Courts Defi ne Receipt for § 503(b)(9) Purposes Special Report: by Randall Reese Sources of Debtor-in- Those shipping goods to companies in distress are entitled to administrative expense Possession Financing status for the value of goods “received by the debtor within 20 days before” the debtor’s bankruptcy filing pursuant to § 503(b)(9) of the Bankruptcy Code. The question of Worth Reading: precisely when goods are deemed to be “received” for the purposes of determining whether a creditor is permitted to recover the value of the goods as an allowed administrative One Hundred Years of Land expense claim under § 503(b)(9) was addressed in a recent U.S.
    [Show full text]
  • 2016 Ten-Year Site Plans of Florida’S Electric Utilities
    APPENDIX A REVIEW OF THE 2016 TEN-YEAR SITE PLANS OF FLORIDA’S ELECTRIC UTILITIES NOVEMBER 2016 Ten-Year Site Plan Comments State Agencies Fish and Wildlife Conservation Commission- General Fish and Wildlife Conservation Commission- Gulf Department of Environmental Protection Regional Planning Councils Treasure Coast Regional Planning Council Water Management Districts Southwest Florida Water Management District St. Johns Water Management District Local Governments Charlotte County Environmental Groups Southern Alliance for Clean Energy Sierra Club 1 2 June 21, 2016 Moniaishi Mtenga Division of Engineering Public Service Commission Florida Fish 2540 Shumard Oak Boulevard and Wildlife Tallahassee, FL 32399-0850 Conservation [email protected] Commission Commissioners RE: 2016 Ten-Year Power Plant Site Plans Brian Yablonski Chairman Tallahassee Dear Mr. Mtenga: Aliese P. “Liesa” Priddy Vice Chairman Immokalee Florida Fish and Wildlife Conservation Commission (FWC) staff has reviewed the 2016 Ten- Ronald M. Bergeron Year Power Plant Site Plans submitted to the Public Service Commission (PSC). We will be Fort Lauderdale providing comments on the Gulf Power Company (GULF) Ten-Year Site Plan in a subsequent Richard Hanas letter. However, we are submitting this letter to notify you that we have reviewed the following Oviedo plans and have no comments regarding fish and wildlife resources: Bo Rivard Panama City Charles W. Roberts III Gainesville Regional Utilities (GRU) Tallahassee Orlando Utilities Commission (OUC) Robert A. Spottswood City of Tallahassee Utilities (TAL) Key West Jacksonville Energy Authority (JEA) Florida Municipal Power Agency (FMPA) Florida Power and Light Company (FPL) Executive Staff Seminole Electric Cooperative (SEC) Nick Wiley Executive Director Lakeland Electric (LAK) Eric Sutton Tampa Electric Company (TECO) Assistant Executive Director Duke Energy Florida (DEF) Jennifer Fitzwater Chief of Staff We appreciate the opportunity to review the Ten-Year Site Plans, as provided by the PSC.
    [Show full text]