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MYCC

ClubCorp

$14.03

0.05 (0.36%)

07:13
10/13/16
10/13
07:13
10/13/16
07:13

ClubCorp announces plan to reduce leverage

Eric Affeldt, ClubCorp CEO said, "We delivered our tenth quarter of consecutive revenue and adjusted EBITDA growth. Since going public we have grown revenue and adjusted EBITDA by over 30% by implementing a successful three pronged strategy focused on organic growth, reinvention and acquisitions. Part of this strategy anticipated reinvention of clubs we acquired in 2014 and 2015. Much of this planned investment is now complete. As a result, the Company is now prepared to de-lever its balance sheet below 4.0x. We plan to de-lever our balance sheet by continuing to grow adjusted EBITDA, reducing capital spend, including fewer planned same-store reinventions in 2017, and using excess cash to pay down debt." CFO Curt McClellan said, "Our leverage is currently 4.4x and we are initiating a strategy to de-lever the company below 4x over the next 12-18 months. We will continue to pursue value enhancing acquisitions including individually-owned and member-owned clubs, yet we do not anticipate any near term levering event for the company. Additionally, we have actively taken steps towards this objective by lowering future interest expense by refinancing certain of our mortgage debt and repricing our term loan facility this quarter."

MYCC ClubCorp
$14.03

0.05 (0.36%)

07/12/16
MACQ
07/12/16
UPGRADE
Target $17
MACQ
Outperform
ClubCorp upgraded to Outperform from Neutral at Macquarie
Macquarie analyst Matthew Brooks upgraded ClubCorp to Outperform from Neutral and raised its price target to $17 from $15. Brooks said shares look cheap and the company is positioned to benefit from the improving golf market.
07/22/16
KEYB
07/22/16
NO CHANGE
KEYB
ClubCorp outlook has imrpoved, says KeyBanc
After meeting with ClubCorp's management, KeyBanc says that the company is benefiting form improving weather that has enabled its trends to "normalize." The firm thinks that the company has a number of other positive catalysts, including the relocation of Toyota headquarters to Dallas and "a solid slate of reinvention opportunities." The firm reiterates an Overweight rating.
09/16/16
IMPC
09/16/16
UPGRADE
Target $21
IMPC
Outperform
ClubCorp upgraded to Outperform from In-Line at Imperial Capital
Imperial Capital analyst George Kelly upgraded ClubCorp Holdings to Outperform saying the recent public pressure from shareholders is likely to help unlock value. The analyst sees the potential for ClubCorp to be an acquisition target at levels above the current trading range. He raised his price target for the shares to $21 from $14.
09/26/16
GSCO
09/26/16
INITIATION
Target $16
GSCO
Neutral
ClubCorp initiated with a Neutral at Goldman
Goldman analyst Stephen ClubCorp initiated Wyndham with a Neutral and a $16 price target.

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