2020-06-08 06:04:40 PCG PG&E
06/08/20 06/0806:04 06/08/2006:04 | PG&E announces $3.25B common stock investment from multiple investorsPG&E Corporation announced that it has entered into a definitive agreement with a select number of investors, including affiliates of Appaloosa, Third Point LLC, Zimmer Partners and Fidelity Management & Research Company, LLC, that have agreed to purchase an aggregate of $3.25B in common stock of PG&E, expected to be issued in a private placement upon PG&E's emergence from Chapter 11. The transaction is expected to close on the effective date of PG&E's emergence from Chapter 11. The investors will pay up to $10.50 per share, depending on the price per share to be paid in an expected public offering of common stock, as provided in the Investment Agreement for such purchase. The proceeds from the private placement will be used to fund a portion of PG&E's exit financing. Shares purchased in the private placement will be subject to a 90-day lock-up, subject to certain exceptions. The investors may terminate the Investment Agreement if the equity backstop commitments, which PG&E previously received from the equity backstop parties, are drawn or if PG&E does not emerge from Chapter 11 within 45 days. Lazard acted as financial advisor, Cravath, Swaine & Moore LLP acted as legal advisor and Goldman Sachs & Co. LLC and J.P. Morgan acted as placement agents for the company. PG&E Corporation also announced that it has received the consents needed to amend the equity backstop commitment letters to eliminate the previously existing tier structure that required the company to meet minimum prices to execute either a fully marketed or rights offering. Under the terms of the amendment, the company may pursue any kind of marketed equity capital raise, as long as the price per share in the transaction exceeds the "Backstop Price" provided in the equity backstop commitment letters. In addition, as part of the amendment, the parties to the backstop commitment letters have committed to enter into a Redeemable Forward Stock Purchase Agreement for $523M. By entering into the private placement and the RFSPA, PG&E has prearranged for almost $3.8B of the $9B of equity required for emergence. Combined with the amendment to the equity backstop commitment letters, PG&E has meaningfully reduced the amount of equity required to be raised for emergence and has meaningfully increased its flexibility as it considers alternatives to raise the remaining amount. | |
---|---|---|
|
Hot Stocks
|
Air Canada to resume Boeing 737 MAX commercial operations on Feb. 1 »
13:11 01/18/21 01/1813:11 01/18/2113:11
ACDVF
Air Canada
Boeing
Air Canada (ACDVF) said… Story temporarily locked. ShowHide Related Items >><<
|
Initiation
|
Tesco reinstated with a Buy at Goldman Sachs »
13:09 01/18/21 01/1813:09 01/18/2113:09
TSCDY
Tesco
Goldman Sachs analyst Rob… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Biohaven's troriluzole did not differentiate from placebo in Alzheimer's trial »
13:06 01/18/21 01/1813:06 01/18/2113:06
BHVN
Biohaven Pharmaceutical
Biohaven Pharmaceutical… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Granite announces $20M contact by California Department of Transportation »
13:02 01/18/21 01/1813:02 01/18/2113:02
GVA
Granite
Granite announced that it… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Equinox announces positive drill results from Piaba Underground target »
13:00 01/18/21 01/1813:00 01/18/2113:00
EQX
Equinox Gold
Equinox Gold announced… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
AstraZeneca, Daiichi announce FDA approval of Enhertu for gastric cancer »
12:58 01/18/21 01/1812:58 01/18/2112:58
AZN
AstraZeneca
AstraZeneca and Daiichi… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Quest enters agreement with CDC for genomic sequencing of Covid variants »
12:56 01/18/21 01/1812:56 01/18/2112:56
DGX
Quest Diagnostics
Quest Diagnostics… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Reliance Steel promotes Karla Lewis to President, names Arthur Ajemyan CFO »
12:46 01/18/21 01/1812:46 01/18/2112:46
RS
Reliance Steel
Reliance Steel &… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Zomedica regained compliance with NYSE American's listing standards »
12:44 01/18/21 01/1812:44 01/18/2112:44
ZOM
Zomedica
Zomedica said in a letter… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Tronox 'very optimistic' about short-, long-term potential for TiO2 »
12:40 01/18/21 01/1812:40 01/18/2112:40
TROX
Tronox
The company said,… Story temporarily locked. ShowHide Related Items >><<
|
Earnings
|
Tronox sees Q4 revenue $783M, consensus $696.29M »
12:39 01/18/21 01/1812:39 01/18/2112:39
TROX
Tronox
The company said,… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Tronox intends to increase annualized dividend to 32c from 28c »
12:38 01/18/21 01/1812:38 01/18/2112:38
TROX
Tronox
The company said,… The company said, "The Board intends to increase our annualized dividend to $0.32 per share from $0.28 per share, which equates to a 14 percent increase effective with the regular first quarter 2021 dividend. This reflects the confidence we have in the trajectory of the recovery in the sector and in our differentiated business model and is consistent with our previously stated goal to increase dividends as business conditions permit." ShowHide Related Items >><<
|
Hot Stocks
|
Tronox announces termination of TiZir Titanium and Iron acquisition agreement »
12:37 01/18/21 01/1812:37 01/18/2112:37
TROX
Tronox
Tronox Holdings released… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Grifols to begin clinical trial in Spain for new COVID-19 drug »
12:34 01/18/21 01/1812:34 01/18/2112:34
GRFS
Grifols
Grifols announced it will… Grifols announced it will begin a clinical trial in Spain to evaluate the safety and efficacy of a new COVID-19 drug based on the Grifols immunoglobulin Gamunex-C and containing anti-SARS-CoV-2 polyclonal antibodies from plasma donors who have recovered from the disease. "The new drug would provide immediate post-exposure protection against the virus and would be especially useful as a complement to the vaccine in the early phase after vaccination. In addition, it could protect the elderly and healthcare workers as well as immunocompromised patients for whom vaccination isn't recommended. It could also help contain outbreaks in places where the vaccination hasn't begun or is still underway," the company said. Grifols expects this clinical trial, led by the researchers Oriol Mitja and Bonaventura Clotet, from Germans Trias i Pujol Hospital in Barcelona, to begin in February 2021, with the possibility of results in the spring. ShowHide Related Items >><<
|
Hot Stocks
|
New Oriental Education names CFO Zhihui Yang Executive President »
12:31 01/18/21 01/1812:31 01/18/2112:31
EDU
New Oriental Education
New Oriental Education… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Partner says lawsuit against subsidiary recognized as class action »
12:30 01/18/21 01/1812:30 01/18/2112:30
PTNR
Partner Communications
Partner Communications… Partner Communications announces that on January 15, 2021, the Lod-Central District Court ruled to recognize the lawsuit against a subsidiary of the company, 012 Smile Telecom, as a class action, which concerns the claim that 012 Smile sold to its customers data browsing packages at a specified speed, which is not possible for them to achieve since the infrastructure does not support this speed. A similar decision was also given in a lawsuit against a competing company. "The causes of action for which the motion was approved are, among others, misleading acts and breach of contract," the company said in a statement. 012 Smile is studying the decision and will treat it in accordance with the dates set by law, it added. ShowHide Related Items >><<
|
Hot Stocks
|
Guardant Health announces partnership with Vall d'Hebron Institute of Oncology »
12:29 01/18/21 01/1812:29 01/18/2112:29
GH
Guardant Health
Guardant Health and Vall… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Calliditas says Phase 1 setanaxib trial shows favorable pharmacokinetic profile »
12:28 01/18/21 01/1812:28 01/18/2112:28
CALT
Calliditas Therapeutics
Genkyotex SA, a… Genkyotex SA, a subsidiary of Calliditas Therapeutics, announced "positive Phase 1 data demonstrating a favorable safety and pharmacokinetic profile of high-dose setanaxib, Genkyotex's lead asset." The Phase 1 study demonstrated that setanaxib is well tolerated at the doses tested, with no safety signal or dose-limiting toxicity being identified, the company said. The results provide an opportunity for the company to pursue a pivotal Phase 2/3 clinical trial in patients with primary biliary cholangitis (PBC), based on interactions with the FDA, it added. The study assessed the safety and pharmacokinetics of oral setanaxib at selected doses in 46 healthy adult male and female subjects. The trial consisted of a single ascending dose part and a multiple ascending dose part with dosing up to 1600mg/day. Previously, doses of up to 800 mg/day were evaluated in a 24-week Phase 2 trial in PBC patients. In that trial, setanaxib dosed at 800 mg/day achieved reductions in markers of cholestasis, including alkaline phosphatase, and in multiple non-invasive markers of liver fibrogenesis, including liver stiffness and PRO-C3 and C3M. Significant improvement in fatigue was also achieved. All doses tested in that trial were well-tolerated, with no safety signal compared to placebo. Calliditas controls 86.2% of the share capital and total number of votes of Genkyotex. ShowHide Related Items >><<
|
Hot Stocks
|
Celyad reports 10.6 months median overall survival in Phase 1 alloSHRINK trial »
12:25 01/18/21 01/1812:25 01/18/2112:25
CYAD
Celyad
Celyad Oncology announced… Story temporarily locked. ShowHide Related Items >><<
|
Upgrade
|
Shoprite upgraded to Neutral from Sell at Goldman Sachs »
12:19 01/18/21 01/1812:19 01/18/2112:19
SRGHY
Shoprite
Goldman Sachs analyst… Goldman Sachs analyst Mikhail Butkov upgraded Shoprite to Neutral from Sell with a price target of ZAR 139, up from ZAR 126. The analyst cites valuation for the upgrade following the stock's underperformance. Butkov nos longer see downside to consensus estimates and now has a slightly more constructive view on the profitability recovery in broader Africa. ShowHide Related Items >><<
|
General news
| FX Summary: The dollar… Story temporarily locked. |
Downgrade
|
Klepierre downgraded to Underperform from Neutral at BofA »
09:43 01/18/21 01/1809:43 01/18/2109:43
KLPEF
Klepierre
BofA analyst Marc Mozzi… BofA analyst Marc Mozzi downgraded Klepierre to Underperform from Neutral. The analyst is "cautiously optimistic" about the outlook for European real estate in 2021. ShowHide Related Items >><<
|
Upgrade
|
Great Portland Estates upgraded to Neutral from Underperform at BofA »
09:43 01/18/21 01/1809:43 01/18/2109:43
GPEAF
Great Portland Estates
BofA analyst Marc Mozzi… Story temporarily locked. ShowHide Related Items >><<
|
Upgrade
|
Shurgard Self Storage upgraded to Buy from Neutral at BofA »
09:42 01/18/21 01/1809:42 01/18/2109:42
SSSAF
Shurgard Self Storage
BofA analyst Marc Mozzi… BofA analyst Marc Mozzi upgraded Shurgard Self Storage to Buy from Neutral. The analyst is "cautiously optimistic" about the outlook for European real estate in 2021. ShowHide Related Items >><<
|
Upgrade
|
Gecina upgraded to Buy from Neutral at BofA »
09:42 01/18/21 01/1809:42 01/18/2109:42
GECFF
Gecina
BofA analyst Marc Mozzi… Story temporarily locked. ShowHide Related Items >><<
|