Merck Prices $8.0 Billion Debt Offering

Merck Prices $8.0 Billion Debt Offering

KENILWORTH, N.J.–(BUSINESS WIRE)–
Merck (NYSE: MRK), known as MSD outside the United States and Canada, today priced an $8.0 billion public offering of five series of senior unsecured notes (collectively, the “notes”). The notes include:

$1.5 billion of 1.700% notes due 2027 (the “2027 notes”)

$1.0 billion of 1.900% notes due 2028 (the “sustainability notes”)

$2.0 billion of 2.150% notes due 2031 (the “2031 notes”)

$2.0 billion of 2.750% notes due 2051 (the “2051 notes”)

$1.5 billion of 2.900% notes due 2061 (the “2061 notes”)

Merck intends to use the net proceeds from the offering of the 2027 notes, the 2031 notes, the 2051 notes and the 2061 notes for general corporate purposes, including without limitation the repayment of outstanding commercial paper borrowings (including commercial paper borrowings in connection with Merck’s acquisition of Acceleron), and other indebtedness with upcoming maturities. Merck intends to allocate an amount equal to the net proceeds of the offering of the sustainability notes to finance or refinance, in whole or in part, eligible projects. The offering is expected to close on Dec. 10, 2021, subject to customary closing conditions. BofA Securities, Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are acting as the joint book-running managers for the offering.

The offering of the notes is being made pursuant to an effective shelf registration statement (including a base prospectus) filed with the Securities and Exchange Commission (the “SEC”). The offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained by calling BofA Securities, Inc. toll-free at 1-800-294-1322, Barclays Capital Inc. toll-free at 1-888-603-5847, Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611 or Goldman Sachs & Co. LLC toll-free at 1-866-471-2526. An electronic copy of the registration statement and prospectus supplement, together with the base prospectus, is available on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Merck

For over 130 years, Merck, known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world.

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the company’s ability to complete the offering and the company’s expectations for the use of proceeds from the offering, including, without limitation, allocation of the proceeds of the sustainability notes among eligible projects. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2020 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Media

Patrick Ryan

(973) 275-7075

Melissa Moody

(215) 407-3536

Investors:

Peter Dannenbaum

(908) 740-1037

Steven Graziano

(908) 740-6582

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: General Health Finance Health Professional Services Pharmaceutical

MEDIA:

Logo
Logo

Southwestern Energy Announces Early Results of Cash Tender Offers and Increase in Maximum Tender Amount

Southwestern Energy Announces Early Results of Cash Tender Offers and Increase in Maximum Tender Amount

SPRING, Texas–(BUSINESS WIRE)–
Southwestern Energy Company (NYSE: SWN) (the “Company”) today announced the early results of its previously announced cash tender offers (the “Tender Offers”) to purchase for cash up to $250,000,000 aggregate principal amount (the “Maximum Tender Amount”) of its 4.95% Senior Notes due 2025 (the “2025 Notes”) and its 7.75% Senior Notes due 2027 (the “2027 Notes” and, together with the 2025 Notes, the “Notes”), subject to the terms and conditions described in the Company’s Offer to Purchase dated November 23, 2021 (the “Offer to Purchase”).

In addition, the Company announced an increase in the Maximum Tender Amount from $250,000,000 to $300,000,000. The other terms of the Tender Offers, including the proration provisions, the acceptance priority levels and the sub cap for the 2027 Notes, as described in the Offer to Purchase, are unchanged.

According to information received from Global Bondholder Services Corporation (“GBSC”), the Tender Agent and Information Agent for the Tender Offers, as of 5:00 p.m., New York City Time, on November 7, 2021 (the “Early Tender Time”), the Company had received validly tendered (and not validly withdrawn), Notes as set forth in the table below.

 

 

Aggregate

Principal

Amount Outstanding

(U.S. $)

Principal

Amount

Tendered

(U.S. $)

 

Principal

Amount

Accepted

(U.S. $)

Acceptance

Priority

Level

 

Title of Notes

CUSIP

Number

/ISIN

 

Total

Consideration

per U.S. $1,000

Principal Amount

of Notes

(U.S. $)(1)(2)

4.95% Senior Notes due 2025(3)

845467AM3

$689,454,000

 

$400,795,000

 

 

$300,000,000

 

1

$1,105

 

7.75% Senior Notes due 2027

845467AN9

$440,007,000

 

$309,681,000

 

 

$0

 

2

$1,090

________________

(1)

Does not include accrued interest, which will also be payable as provided in the Offer to Purchase.

(2)

Includes the Early Tender Premium.

(3)

On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which had the effect of increasing the interest rate on the 2025 Notes to 6.45% following the July 23, 2020 interest payment date. The first coupon payment to the holders of the 2025 Notes at the higher interest rate was paid in January 2021. Following the closing of the Indigo Merger (as defined below), S&P upgraded the Company’s bond rating to BB, which had the effect of decreasing the interest rate on the 2025 Notes to 6.20%, beginning with coupon payments paid after January 2022. On November 4, 2021 S&P placed the Company on CreditWatch Positive for an upgrade to BB+ upon closing of the GEPH merger, assuming no changes to their assumptions. This ratings upgrade, if received, would result in a further reduction on the interest rate on the 2025 Notes to 5.95% beginning with coupon payments paid after January 2022.

Because the increased Maximum Tender Amount is exceeded by the aggregate principal amount of 2025 Notes tendered in the Tender Offers, the Company will not purchase any tendered 2027 Notes. In addition, all of the 2025 Notes validly tendered at or prior to 5:00 p.m., New York Time, December 29, 2021 (the “Expiration Date”), including the 2025 Notes tendered as of the Early Tender Time and any additional 2025 Notes validly tendered following the Early Tender Time, will be subject to proration based on the total principal amount of 2025 Notes validly tendered at or prior to the Expiration Date.

RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the Lead Dealer Managers in the Tender Offers and BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. are Co-Dealer Managers in the Tender Offers. Global Bondholder Services Corporation has been retained to serve as the Tender Agent and Information Agent for the Tender Offers. Persons with questions regarding the Tender Offers should contact RBC Capital Markets, LLC at (toll free) (877) 381-2099 or (collect) (212) 618-7843 and Wells Fargo Securities, LLC at (toll free) (866) 309-6316 or (collect) (704) 410-4756. Requests for the Offer to Purchase should be directed to Global Bondholder Services Corporation at (toll free) (866) 807-2200 or by email to [email protected].

None of the Company, the Dealer Managers, the Tender and Information Agent, the trustees or any of their respective affiliates (x) makes any recommendation that holders of Notes tender or refrain from tendering all or any portion of the principal amount of their Notes, and no one has been authorized by any of them to make such a recommendation or (y) except as expressly set forth herein with respect to the Company, the Dealer Managers, the Tender and Information Agent or any of their respective affiliates, makes any representations or warranties. The trustees do not assume any responsibility for the accuracy or completeness of the information concerning the Company, its affiliates or the Notes contained herein or any failure by the Company to disclose events that may have occurred and may affect the significance or accuracy of that information. Holders of Notes must make their own decision as to whether to tender their Notes, and, if so, the principal amount of Notes as to which action is to be taken.

This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offers and the related consent solicitation are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. In any jurisdiction in which the Tender Offers are required to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of the Company by the Dealer Managers (as defined in the Offer to Purchase), or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

About Southwestern Energy

Southwestern Energy Company is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution.

Forward-Looking Statements

Certain statements and information in this news release may constitute “forward-looking statements.” Forward-looking statements relate to future events, including, but not limited to the Tender Offers and the related consent solicitation. The words “believe,” “expect,” “anticipate,” “plan,” “predict,” “intend,” “seek,” “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, Southwestern Energy Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Management cautions you that the forward-looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: closing the GEPH merger; the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids, including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to COVID-19 or other public health crises and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the Securities and Exchange Commission that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Investor Contact

Brittany Raiford

Director, Investor Relations

(832) 796-7906

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

Logo
Logo

ACLEDA Bank Chooses Diebold Nixdorf to Enhance Self-Service Banking Experience

End-to-end software and technology solution provides consumers with advanced ATM transactions

PR Newswire

NORTH CANTON, Ohio and PHNOM PENH, Cambodia, Dec. 7, 2021 /PRNewswire/ — Diebold Nixdorf (NYSE: DBD), a global leader in driving connected commerce for the financial and retail industries, announced today that ACLEDA Bank Plc., a leading retail bank based in Cambodia, has selected its comprehensive solution of DN SeriesTM  ATMs, software and professional services to provide customers with new self-service capabilities at each of its branches.

With 262 branches, ACLEDA Bank has the largest branch network in the country and is active in all provinces. Recognizing that the ATM is a critical digital channel, the bank chose to deploy more than 350 DN Series self-service solutions to provide customers with new capabilities, including check deposit, foreign currency exchange, and cardless withdrawal and deposit. ACLEDA Bank is the first financial institution in Cambodia to offer these advanced ATM transactions.

DN Vynamic® software will ensure high levels of availability, providing customers with a seamless and personalized experience to meet ACLEDA Bank’s strategy to provide next-generation customer experiences.

  • Vynamic Connection Points ensures quick and seamless integration of the new DN Series terminals into ACLEDA Bank’s self-service network to support advanced functions.
  • Vynamic View maximizes availability and automates processes for ACLEDA Bank without driving up costs.
  • Vynamic Marketing delivers the unique capability to provide targeted consumer messages combined with meaningful, intuitive engagement — 24 hours a day, 7 days a week.


Sophea Sok, senior vice president & head of Marketing Division, at Acleda Bank said:
 “We chose to expand our self-service banking capabilities with technology leader Diebold Nixdorf because they offer an innovative and holistic solution. With the addition of DN Series, we are providing customers with the most modern ATM banking experience by offering multiple functionalities in a single terminal.”

Jaivinder Singh Gill, vice president, Banking Eurasia APAC, at Diebold Nixdorf said: “We are thrilled to expand our relationship with ACLEDA Bank to enhance their customers’ self-service banking journey. Our Vynamic software solutions will enable the bank to quickly and easily roll out new features and provide a more secure banking experience to customers.”

ACLEDA Bank plans to add additional DN Series terminals that will provide account opening, card issuance, statement printing and interactive video teller capabilities with the goal of having at least one such terminal in each of their branches in near future. 

About ACLEDA Bank Plc.

ACLEDA Bank Plc. is a public limited company, formed under the Banking and Financial Institutions Law of the Kingdom of Cambodia. Originally, it was founded in January 1993 as a national NGO for micro and small enterprises’ development and credit.

ACLEDA Bank Limited was licensed by the National Bank of Cambodia as a Specialised Bank on October 07, 2000. On December 01, 2003, ACLEDA Bank, once again, was licensed by the National Bank of Cambodia as a Commercial Bank to enable it to provide full banking services according to the needs of the customers and the market and it was renamed ACLEDA Bank Plc.

About Diebold Nixdorf

Diebold Nixdorf, Incorporated (NYSE: DBD) is a world leader in enabling connected commerce. We automate, digitize and transform the way people bank and shop. As a partner to the majority of the world’s top 100 financial institutions and top 25 global retailers, our integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers each day. The company has a presence in more than 100 countries with approximately 22,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.

Twitter: @DieboldNixdorf
LinkedIn: www.linkedin.com/company/diebold 
Facebook: www.facebook.com/DieboldNixdorf
YouTube: www.youtube.com/dieboldnixdorf

DN-B

###

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/acleda-bank-chooses-diebold-nixdorf-to-enhance-self-service-banking-experience-301439629.html

SOURCE Diebold Nixdorf, Incorporated

Hope Bancorp Announces Planned Retirement of President & COO David P. Malone and Promotion of Peter Koh to Senior EVP & COO

Hope Bancorp Announces Planned Retirement of President & COO David P. Malone and Promotion of Peter Koh to Senior EVP & COO

LOS ANGELES–(BUSINESS WIRE)–
Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company of Bank of Hope (the “Bank”), today announced the planned retirement of President and Chief Operating Officer of Bank of Hope David P. Malone effective December 31, 2021. Mr. Malone will continue to serve as a member of the board of directors of the Hope Bancorp and Bank of Hope. The Company also announced the promotion of Peter Koh to Senior Executive Vice President and Chief Operating Officer of Bank of Hope effective January 1, 2022.

In connection with the retirement of Mr. Malone as President of the Bank, Chairman, President and Chief Executive Officer of the Company and Chairman and Chief Executive Officer of the Bank Kevin S. Kim will re-assume the role of President of the Bank. Previously from July 29, 2016, Mr. Kim had served as President and Chief Executive Officer of the Company and Bank prior to the appointment of Mr. Malone as President of the Bank effective July 1, 2019.

“We thank David Malone for his leadership at Bank of Hope since 2017 and congratulate him on his decorated banking career over the past five decades,” said Chairman, President and Chief Executive Officer of Hope Bancorp Kevin S. Kim. “I also congratulate Peter Koh on his promotion and look forward to working closely with him as we continue to build upon the strong heritage of Bank of Hope as one of the leading Asian American banks in the nation.”

Mr. Koh, age 44, transitioned to Executive Vice President and Deputy Chief Operating Officer in April 2021 from Executive Vice President and Chief Credit Officer, taking on broader responsibilities in the overall management of the Bank. Upon the merger of equals creating Bank of Hope on July 29, 2016, Mr. Koh was named Chief Credit Officer of Bank of Hope and was responsible for oversight of all credit administration functions, as well as the appraisal and special assets departments. Previously, he served in the same capacity for Wilshire Bank, a position he was promoted to in July 2014. He earned his B.A. from Columbia University in New York and M.B.A. from the Marshall School of Business, University of Southern California.

About Hope Bancorp, Inc.

Hope Bancorp, Inc. is the holding company of Bank of Hope, the first and only super regional Korean American bank in the United States with $17.8 billion in total assets as of September 30, 2021. Headquartered in Los Angeles and serving a multi-ethnic population of customers across the nation, Bank of Hope operates 53 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia and Alabama. The Bank also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, Portland, Oregon, New York City, Northern California and Houston; commercial loan production offices in Northern California and Seattle; residential mortgage loan production offices in Southern California; and a representative office in Seoul, Korea. Bank of Hope specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and commercial lending, SBA lending and international trade financing. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to bankofhope.com. By including the foregoing website address link, the Company does not intend to and shall not be deemed to incorporate by reference any material contained or accessible therein.

Angie Yang

SVP, Director of Investor Relations &

Corporate Communications

213-251-2219

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Finance Public Relations/Investor Relations Banking Communications Professional Services

MEDIA:

Old Dominion Freight Line Set to Join Dow Jones Transportation Average

PR Newswire

NEW YORK, Dec. 7, 2021 /PRNewswire/ — Old Dominion Freight Line Inc. (NASD:ODFL) will replace Kansas City Southern (NYSE:KSU) in the Dow Jones Transportation Average (DJTA) effective prior to the opening of trading on Tuesday, December 14.

The index change was prompted by the anticipated closing of the voting trust portion of a merger in which KSU will be acquired by Canadian Pacific Railway Limited (NYSE and TSX:CP). The merged company will be incorporated and headquartered in Canada and therefore will not be eligible for the Dow Jones Transportation Average which includes companies incorporated in the U.S.

The change won’t disrupt the level of the index. The divisor used to calculate the index from the components’ prices on their respective home exchanges will be changed prior to the opening on December 14, 2021. This procedure prevents any distortion in the index’s reflection of the portion of the U.S. stock market it is designed to measure. The new divisors can be found in the end-of-day index level files (*.SDL) via the S&P Dow Jones Indices FTP (EDX) site beginning on Monday, December 13, 2021.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:


Effective Date


Index Name      


Action


Company Name


Ticker


GICS Sub-Industry

Dec. 14, 2021

DJTA

Addition

Old Dominion Freight Line

ODFL

Trucking

Deletion

Kansas City Southern

KSU

Railroads

For more information about S&P Dow Jones Indices, please visit www.spdji.com

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.

FOR MORE INFORMATION:

S&P Dow Jones Indices

[email protected]

Media Inquiries

[email protected]

Cision View original content:https://www.prnewswire.com/news-releases/old-dominion-freight-line-set-to-join-dow-jones-transportation-average-301439711.html

SOURCE S&P Dow Jones Indices

Tortoise Energy Infrastructure Corp. (TYG) Achieves Target Positioning for the Future of Energy

Tortoise Energy Infrastructure Corp. (TYG) Achieves Target Positioning for the Future of Energy

OVERLAND PARK, Kan.–(BUSINESS WIRE)–Tortoise’s closed-end fund, Tortoise Energy Infrastructure Corp. (TYG), has transitioned its portfolio, positioning for the future of energy growth with a current portfolio allocation of 45% renewables and power infrastructure as of November 30, 2021. This allocation expansion, up from approximately 15% upon announcement, adds diversification and expected lower volatility through low correlation across investments and adds visibility into long-term growth opportunities.

Positioned for the Future of Energy

“We are excited to have reached our target portfolio as laid out in November 2020. We believe the portfolio is well positioned to generate positive risk-adjusted returns for its shareholders by investing in a broader universe of companies that facilitate energy consumption in ways that ultimately reduce emissions”, said Matt Sallee, President – Tortoise. “Further, we see energy infrastructure playing a tremendous role in decarbonizing the energy necessary for the economy to function and maintain our standard of living.”

Below depicts the shift in TYG’s decarbonization infrastructure portfolio allocation.

 

 

Tortoise Energy Infrastructure Corp. (TYG)

 

 

 

 

 

 

 

 

10/31/2020

Portfolio

 

 

11/30/2021

Portfolio

Natural Gas Infrastructure

 

44%

 

 

45%

Liquids Infrastructure

 

37%

 

 

9%

Renewables and Power Infrastructure

 

15%

 

 

45%

Energy Technology

 

4%

 

 

1%

Total

 

100%

 

 

100%

In line with the “Essential Playbook for Midstream Management”, first published in 2020, midstream holdings for both TYG and Tortoise Midstream Energy Fund, Inc. (NTG) have been repositioned to focus on proper governance structures and forward-thinking environmental policies. Consequently, the portfolios have increased allocations to c-corporations and has resulted in TYG and NTG owning 22.4% and 21.6% MLPs, respectively, as of November 30, 2021.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp. and Tortoise Midstream Energy Fund, Inc.

For additional information on these funds, please visit cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy and power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, visit www.TortoiseEcofin.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are “forward-looking statements.” Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Maggie Zastrow, (913) 981-1020

[email protected]

KEYWORDS: Kansas United States North America

INDUSTRY KEYWORDS: Professional Services Other Energy Utilities Oil/Gas Alternative Energy Energy Finance

MEDIA:

Logo
Logo

EPAM Systems Set to Join S&P 500

PR Newswire

NEW YORK, Dec. 7, 2021 /PRNewswire/ — EPAM Systems Inc. (NYSE:EPAM) will replace Kansas City Southern (NYSE: KSU) in the S&P 500 effective prior to the opening of trading on Tuesday, December 14. Canadian Pacific Railway Limited (NYSE and TSX: CP) is acquiring Kansas City Southern in a transaction expected to be completed on or about that date pending final approvals.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:


Effective Date


Index Name      


Action


Company Name


Ticker


GICS Sector


December 14, 2021

S&P 500

Addition

EPAM Systems

EPAM

Information Technology

S&P 500

Deletion

Kansas City Southern

KSU

Industrials

For more information about S&P Dow Jones Indices, please visit www.spdji.com

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.

FOR MORE INFORMATION:

S&P Dow Jones Indices

[email protected]

Media Inquiries

[email protected]

Cision View original content:https://www.prnewswire.com/news-releases/epam-systems-set-to-join-sp-500-301439707.html

SOURCE S&P Dow Jones Indices

CORRECTING and REPLACING BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. Declares Quarterly Distribution and Special Year-End Distributions

CORRECTING and REPLACING BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. Declares Quarterly Distribution and Special Year-End Distributions

NEW YORK–(BUSINESS WIRE)–
In the first paragraph, the third and fourth sentences are corrected to read: Each distribution will be payable on January 6, 2022 to shareholders of record at the close of business on December 21, 2021. The ex-dividend date is December 20, 2021.

The updated release reads:

BNY MELLON ALCENTRA GLOBAL MULTI-STRATEGY CREDIT FUND, INC. DECLARES QUARTERLY DISTRIBUTION AND SPECIAL YEAR-END DISTRIBUTIONS

On December 7, 2021, BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. (Ticker: XALCX) declared a quarterly distribution of $1.75 per share of common stock. In addition, the Fund declared a special year-end distribution of $0.82 per share of common stock. Each distribution will be payable on January 6, 2022 to shareholders of record at the close of business on December 21, 2021. The ex-dividend date is December 20, 2021. The previous quarterly dividend declared in August was $1.75 per share of common stock.

For Federal income tax purposes, these distributions will be taxable to common shareholders in 2021, although the distributions will be paid in 2022. This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund’s distributions that have been declared by the Fund’s Board of Directors. In early 2022, the Fund will send common shareholders a Form 1099-DIV, specifying how to report these distributions for tax purposes.

The Fund intends to distribute all or a portion of its net investment income to common shareholders on a quarterly basis. To permit the Fund to maintain a more stable quarterly distribution, the Fund may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed income would be available to supplement future distributions. Under normal market conditions, the Fund is managed in a manner such that the Fund’s distributions are reflective of the Fund’s current and projected earnings levels. Various factors will affect the Fund’s earnings, including the Fund’s asset mix, the average maturity of the Fund’s portfolio and the Fund’s use of hedging, as well as broader market conditions and interest rate levels. As portfolio and market conditions may change, the distribution rate, the composition of the distribution and the Fund’s policy to declare and pay distributions quarterly may be subject to change, including by the Board of Directors.

Important Information

BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Mellon Investment Management. BNY Mellon Investment Management is one of the world’s largest asset managers, with $2.3 trillion in assets under management as of September 30, 2021. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from eight investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon. Additional information on BNY Mellon Investment Management is available on www.bnymellonim.com.

BNY Mellon Investment Management is a division of BNY Mellon, which has $45.3 trillion in assets under custody and/or administration as of September 30, 2021. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

The Fund’s investment returns and principal values will fluctuate so that an investor’s shares may be worth more or less than the original cost. There is no assurance that the Fund will achieve its investment objective.

This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.

For Press Inquiries:

BNY Mellon Investment Adviser, Inc.

Jessica Rutledge

(917) 683-6820

For Other Inquiries:

BNY Mellon Securities Corporation

The National Marketing Desk

240 Greenwich Street

New York, New York 10286

1-800-334-6899

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo
Logo

BlackRock Strengthens ETF Operating Platform by Diversifying Post-Trade Service Providers

BlackRock Strengthens ETF Operating Platform by Diversifying Post-Trade Service Providers

BNY Mellon, Citi and JP Morgan will join State Street in servicing U.S.- listed iShares ETFs

NEW YORK–(BUSINESS WIRE)–
BlackRock (NYSE: BLK) today announced that it has entered into agreements with BNY Mellon (NYSE: BK), Citi (NYSE: C), and JP Morgan (NYSE: JPM) to join State Street (NYSE: STT) as post-trade service providers for iShares’ $2.3 trillion in U.S.-domiciled exchanged traded funds (ETFs).1 The announcement culminates a nearly two year-long due diligence process with the selection of several world-class financial institutions to support the growth of U.S. iShares ETFs and strengthen the broader ETF ecosystem.

The transition of any U.S. iShares ETF assets to the new providers is expected to commence in the second half of 2022 and projected to take 18 months to complete. The RFP and due diligence process for iShares’ Ireland-domiciled ETFs is on-going and the outcome will be announced at a later date.

Championing investor progress

Since the launch of its first ETF 25 years ago, iShares has helped make investing easier and more affordable for over 24 million Americans.2 iShares led the modernization of the bond markets through the advent of fixed income ETFs, brought additional sources of return to mainstream investors through sustainable, factor and thematic ETFs, and provided investors access to international markets and institutional strategies through an array of ETFs across asset classes. As the largest ETF franchise in the U.S. with 388 U.S.-domiciled ETFs, iShares provides investors with greater choice of investment styles than any other ETF provider.3

“Tens of millions of investors now choose ETFs to gain efficient and transparent access to sources of market return all around the world. Even as the ETF industry experienced record growth in 2021, ETF assets are still less than 3% of the markets they seek to access globally,4” said Salim Ramji, Global Head of iShares & Index Investing at BlackRock. “As we anticipate decades of growth ahead for iShares and the industry, these changes reinforce and diversify our operational foundation so that we can deliver more ETF exposures at greater scale and with the high standards that our clients expect.”

Paving the way for greater scale and efficiency

The selection of BNY Mellon, Citi, JPMorgan and State Street reflects these firms’ continued investment in their post-trade and technology platforms. Together they bring an expansive global servicing footprint, strong ties into the broader ETF ecosystem, differentiated service and proven expertise. Each firm will provide custodial, fund administration, fund accounting, and transfer agency services to a subset of U.S.-listed iShares ETFs.5

Approximate AUM Breakdown by Provider*:

 

Citi

40%

 
 

JP Morgan

30%

 
 

State Street

15%

 
 

BNY Mellon

15%

 

*Percentages are approximate as of September 30, 2021 and are subject to change

“All four providers have long-standing relationships with BlackRock and have proven track records in the post-trade servicing of funds,” says Derek Stein, Senior Managing Director and Global Head of Technology & Operations at BlackRock. “The decision to diversify across these world-class financial institutions is based on our desire to create a robust operating model for servicing ETFs, which will help us scale the iShares franchise and mitigate concentration risk.”

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 900+ exchange traded funds (ETFs) and $3.04 trillion in assets under management as of September 30, 2021, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

Carefully consider the Funds’ investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Prepared by BlackRock Investments, LLC, member FINRA.

Buying and selling shares of ETFs may result in brokerage commissions. This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BNY Mellon, Citibank, JPMorgan or State Street. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners

1 As of September 30, 2021. Source: BlackRock

2 As of September 30, 2021. Source: BlackRock

3 As of September 30, 2021. Source: BlackRock

4 Sources: Global and regional Equity market size from World Federation of Exchanges Database as of 12/31/19. Global and regional bond market size from Bank of International Settlements (BIS) as of 12/31/19. ETF AUM as of 3/31/21 per Markit, Bloomberg.

5 The exact funds to be determined in the coming months. Appropriate notice will be provided to shareholders of the impacted funds.

Media

Soogyung Jordan

Email: [email protected]

Phone: 646-231-1540

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo
Logo

Vistra Announces Pricing of Upsized Green Preferred Stock Offering

Company prices upsized private offering of $1 billion of Series B Preferred Stock with an amount equal to the net proceeds to be used to pay for or reimburse existing and new Eligible Green Projects

PR Newswire

IRVING, Texas, Dec. 7, 2021 /PRNewswire/ — Vistra Corp. (NYSE: VST) today announced the pricing of an upsized private offering of 1,000,000 shares of its 7.0% Series B Fixed-Rate Reset Cumulative Redeemable Green Perpetual Preferred Stock to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act, at an offering price of $1,000 per share. The company will receive gross proceeds of $1 billion from the sale of the Preferred Stock before deducting the initial purchaser discount and other estimated offering expenses. The offering is expected to close on Dec. 10, 2021, subject to customary closing conditions.

“This milestone is the latest proof point in the strength of Vistra’s strategic plan, Vistra Zero growth pipeline and future earnings potential,” said CEO Curt Morgan. “The upsized green offering will provide Vistra with cost-efficient capital to deliver on our disciplined capital allocation plan, including funding the development of Vistra Zero and other growth opportunities, returning capital to shareholders and paying down debt.”


Vistra’s Capital Allocation Plan

The offering represents another step in Vistra’s broader capital allocation plan, which was announced in October and November 2021. In addition to the $7.5 billion return of capital and the reduction of up to $3 billion of debt (exclusive of project financing) planned between now and year-end 2026, Vistra also set forth its intent to accelerate the development of its zero-carbon growth pipeline with cost-efficient capital.

Vistra expects its zero-carbon generation portfolio, Vistra Zero, to have 7,300 megawatts of solar and energy storage facilities online by year-end 2026, including approximately 2,900 MW of such generation currently online.1 Expected investment from 2022 to 2026 is approximately $5 billion. Vistra intends to fund this development primarily via project financing, supplemented by Vistra Zero project cash flows,2 and a portion of the net proceeds of the offering. Importantly, with the successful upsizing of the offering, Vistra expects the offering proceeds will satisfy not only the third-party equity financing Vistra had contemplated, but also the cumulative capital contributions Vistra expected to make over the five-year period. Accordingly, Vistra expects to have additional cash available to allocate to share repurchases, growth opportunities and/or debt repayments over the next five years, as compared to its previous estimates.

Vistra expects its Vistra Zero portfolio will grow to at least a projected $450-500 million adjusted EBITDA,2 highly contracted business by the end of 2026.

(1)     Includes Comanche Peak Nuclear Power Plant
(2)     Excludes Comanche Peak Nuclear Power Plant


Green Finance Framework and Use of Proceeds

The company intends to use an amount equal to the net proceeds from the offering to pay or reimburse the payment, in whole or in part, of existing and new Eligible Green Projects within the U.S. in accordance with the criteria set forth in the Vistra Green Finance Framework, which is available on the company’s website.


Details on the Preferred Stock

The annual dividend rate on each share of Preferred Stock is 7.0% from the original issuance date to, but excluding, December 15, 2026 (First Reset Date). On and after the First Reset Date, the dividend rate on each share of Preferred Stock shall equal the five-year U.S. Treasury rate as of the most recent reset dividend determination date (subject to a floor of 1.26%), plus a spread of 5.74% per annum. The Preferred Stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends. Cumulative cash dividends on the Preferred Stock are payable semiannually, in arrears, on each June 15 and December 15, commencing on June 15, 2022, when, as and if declared by the company’s Board.

The Preferred Stock is not convertible into or exchangeable for any other securities of the company and will have limited voting rights. The Preferred Stock may be redeemed at the option of the company in certain circumstances.

The Preferred Stock will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the U.S. absent registration or an applicable exemption from such registration requirements.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Preferred Stock, nor shall there be any sale of the Preferred Stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About 
Vistra

Vistra (NYSE: VST) is a leading, Fortune 275 integrated retail electricity and power generation company based in Irving, Texas, providing essential resources for customers, commerce, and communities. Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse, and efficient power generation. The company brings its products and services to market in 20 states and the District of Columbia, including six of the seven competitive wholesale markets in the U.S. and markets in Canada and Japan, as well. Serving nearly 4.3 million residential, commercial, and industrial retail customers with electricity and natural gas, Vistra is one of the largest competitive residential electricity providers in the country and offers over 50 renewable energy plans. The company is also the largest competitive power generator in the U.S., with a capacity of approximately 39,000 megawatts powered by a diverse portfolio, including natural gas, nuclear, solar, and battery energy storage facilities. In addition, Vistra is a large purchaser of wind power. The company owns and operates a 400-MW/1,600-MWh battery energy storage system in Moss Landing, California, the largest of its kind in the world. Vistra is guided by four core principles: we do business the right way, we work as a team, we compete to win, and we care about our stakeholders, including our customers, our communities where we work and live, our employees, and our investors.

Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. (“Vistra”) operates and beliefs of and assumptions made by Vistra’s management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, the potential impacts of the COVID-19 pandemic on our results of operations, financial condition and cash flows, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: “intends,” “plans,” “will likely,” “unlikely,” “believe,” “confident”, “expect,” “seek,” “anticipate,” “estimate,” “continue,” “will,” “shall,” “should,” “could,” “may,” “might,” “predict,” “project,” “forecast,” “target,” “potential,” “goal,” “objective,” “guidance” and “outlook”),are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra’s expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of pandemics, including the COVID-19 pandemic, and the resulting effects on our results of operations, financial condition and cash flows; (v) the severity, magnitude and duration of extreme weather events (including winter storm Uri), contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (vi) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled “Risk Factors” and “Forward-Looking Statements” in Vistra’s annual report on Form 10-K for the year ended December 31, 2020 and any subsequently filed quarterly reports on Form 10-Q.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/vistra-announces-pricing-of-upsized-green-preferred-stock-offering-301439688.html

SOURCE Vistra Corp.