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  • (MDT, BKI, LIZ, PHH) Stock Report from CRWEFinance.com 0 comments
    Oct 29, 2010 5:57 PM | about stocks: PHH, MDT, BKI, KATE

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    Medtronic, Inc. (NYSE:MDT) reported the U.S. Food and Drug Administration (FDA) has classified the company’s previous action related to the Octopus® Nuvo Tissue Stabilizer as a Class I recall.

    FDA classifies a recall as Class I when the agency believes that there is a reasonable probability that use of the recalled product will cause serious adverse health consequences or death. On Sept. 14, 2010, Medtronic proactively and voluntarily recalled the device from the market due to the potential that a component of the device could fracture during use.

    The resulting potential hazards are that fragments of the component could fall into the patient’s chest cavity and/or damage the heart tissue.

    MDT has received two reports of device failure occurring during patient use, which required retrieval of device fragments from the surgical wound; neither event resulted in permanent impairment or death.

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    Buckeye Technologies Inc. (NYSE:BKI) has established a new $300 million senior secured revolving credit facility. The maturity date on the new revolver is October 22, 2015, and the facility includes an increase option for an additional $100 million.

    This facility amends and restates BKI’s existing $200 million senior secured credit facility. The initial interest rate on the new revolver is LIBOR plus 200 basis points, and this will drop by 25 bps when the Company’s total debt / EBITDA ratio drops below 1.00.

    In addition to refinancing its existing credit facility, BKI plans to use the proceeds from this facility to provide liquidity for working capital, capital expenditures, permitted acquisitions and share repurchases, and for general corporate purposes.

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    Liz Claiborne Inc. (NYSE:LIZ) reported that it will release its fiscal 2010 third quarter results on Thursday, November 4, 2010 before the market opens.

    LIZ will also sponsor a conference call at 10:00 a.m. Eastern Time to discuss these results.

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    PHH Corporation (NYSE:PHH) will conduct its third quarter 2010 earnings conference call on Tuesday, November 2, 2010 at 10:00 a.m. EDT.

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    Stocks: PHH, MDT, BKI, KATE
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