Seeking Alpha
  • Today - Tuesday, March 31, 2015

  • 11:01 AM
    • Full Circle (FULL) received subscriptions for about 94% of the shares offered, 17% of which came from management and company advisors.
    • Additionally, one institutional investor commits to buying 214K shares in the open market over the seven-day period following the expiration date of the offering.
    • The rights offering and additional commitments will result in the issuance of no more than 11.42M shares of company stock. Estimated gross proceeds should be about $39M (subscription price was $3.50 per share).
    • Source: Press Release
    | Comment!
  • 10:56 AM
    • 2014 net investment income of $20.1M or $0.59 per share vs. $19.9M and $0.62 in 2013 (restated).
    • Taxable distribution income of $0.78 per share vs. $0.70 (restated).
    • Net asset value of $6.94 per share vs. $7.51 (no effect from restatement).
    • 2013 total investment income restated of $39.18M vs. $48.27M originally reported.
    • Quarterly distribution was $0.25 per share at the end of 2014, and has since been cut to $0.21.
    • KCAP -3.7%
    | Comment!
  • 10:49 AM
    • Along with Prudential Plc, Goldman Sachs (NYSE:GS) agrees to sell at least 30% of Associated British Ports to the Canada Pension Plan Investment Board and Hermes Infrastructure for $2.4B. The deal is expected to close this summer and could include another 3.3% of the company.
    • Associated British Ports owns and operates 21 ports in the U.K.
    | Comment!
  • 9:56 AM
    • After being challenged by investors, Lloyds (NYSE:LYG) is putting on hold plans to redeem more than $1B of debt issued as part of its 2009 bailout.
    • The bank has argued the expensive paper - sold to help the failing bank through its stress test during the financial crisis - can be bought back at par since regulators stopped counting it as equity last year. The debt trades at a premium to par, so bondholders are obviously not pleased, and dispute the bank's claim.
    | Comment!
  • 9:20 AM
    • Synchrony Financial (NYSE:SYF) inks a multi-year deal to offer a private label credit card program through My Home Renovator, which has a network of retail locations inside Wal-Mart stores across the country.
    • My Home Renovator allows shoppers with home improvement projects to easiy connect with qualified renovators and products.
    • Source: Press Release
    | Comment!
  • 9:02 AM
    • Sun Bancorp (NASDAQ:SNBC) agrees to the sale of its Hammonton branch assets and related deposits/loans to Cape Bank for a deposit premium of 4%, resulting in an anticipated net gain of about $500K.
    • In addition, the bank is consolidating nine branches across seven counties, and expects an overall branch count of 31 by year-end.
    • This sale and consolidation should result in annual noninterest expense reductions of about $4.6M. There will be a one-time $4.6M charge though, but the bank notes this is offset by a $9.2M gain on sale from a previously-announced sale on March 6 of seven Cape May County branches.
    • When these deals all close, the bank will see a 39% reduction in locations, annualized expense savings of about $10M, and net gains on sales of roughly $6.5M.
    • Source: Press Release
    • Previously: Sun Bancorp to focus on core after sale of branches (March 9)
    | Comment!
  • 8:27 AM
    • Wintrust Financial (NASDAQ:WTFC) looks to expand in downtown Chicago with the purchase of North Bank, which has two locations and about $108M in assets, $55M in deposits, and $96M in loans.
    • The purchase price is roughly $17M in cash, and the deal is expected to close late in Q2 or early Q3. The purchase isn't expected to have a material effect on 2015 EPS.
    • Source: Press Release
    | Comment!
  • 7:46 AM
    • As floated a few weeks ago, CBRE Group (NYSE:CBG) has landed Global WorkPlace Solutions, a provider of Integrated Facilities Management solution for occupiers of commercial real estate.
    • GWS will operate as part of CBRE's fast-growing Global Corporate Services business, and CBRE and Johnson Controls have inked a 10-year strategic relationship in which CBRE will provide JCI will a full suite of integrated corporate real estate services on more than 50M square feet.
    • Upon closing, GWS President John Murphy will join CBRE as global COO.
    • GWS has about 16K employees and generated revenue of about $3.4B last year. The deal should be materially accretive to adjusted EPS in 2016. It's expected to close late in Q3 or early Q4.
    • A conference call is set for 9 ET.
    • Source: Press Release
    • Previously: WSJ: CBRE set to buy Johnson Controls' corporate real estate unit (March 5)
    | Comment!
  • 7:34 AM
     
    • Credit reporting agency Transunion files for an IPO, using a placeholder amount of $100M to be raised.
    • The company reported revenue of $1.304.7B last year, up from $1.183.2B in 2013. Adjusted EBITDA of $451.6M rose from $408.5M.
    • Prospectus
    | Comment!
  • 7:26 AM
    • It's been a rough ride of late for the Canadian lenders as investors fret over the impact of the oil price crash on that economy, not to mention the bubbly housing market. Citi's seen enough, and upgrades TD Bank (NYSE:TD) and Royal Bank of Canada (NYSE:RY) to Buy from Neutral. The price target on TD is lifted to $86 from $83, and RY to $62 from $59.
    | 2 Comments
  • 7:21 AM
    • Go overweight the beaten-down shares of RCS Capital (NYSE:RCAP), says Citi, and underweight LPL Financial (NASDAQ:LPLA).
    • RCS, says Citi, offers upside in a rising rate environment, and LPL is subject to regulatory risk thanks to new rule changes coming from D.C. requiring brokers to act as fiduciaries to their clients.
    | 1 Comment
  • 7:16 AM
    • The offering of 16M shares will be from selling shareholders. J.G. Wentworth (NYSE:JGW) will not receive any proceeds from the sale.
    • The stock's lower by 22% since the November 2013 IPO.
    • SEC Form S-3
    | Comment!
  • 7:13 AM
    • Endurance Specialty Holdings (NYSE:ENH) agrees to buy Montpelier Re (NYSE:MRH) in a cash and stock deal valued at $1.83B based on yesterday's closing prices. Montpelier owners will receive 0.472 shares of Endurance plus $9.89 in cash for each share they own, or $40.24 based on ENH's close of $64.30 yesterday.
    • It's a 5.5% premium to MRH's Monday close, and 1.2x Dec. 31 book value.
    • A conference call is set for 8:30 ET.
    • Source: Press Release
    | Comment!
  • 6:54 AM
    • Citigroup (NYSE:C) has agreed to sell its Japanese credit card unit to Sumitomo Mitsui Trust Bank (OTCPK:SUTNY), as it trims its global operations to bolster profitability.
    • The price of Citi Cards Japan was not disclosed, but local media reported the deal valued at around ¥40B ($335M).
    • In December, Citigroup announced it was selling its Japanese retail banking operations to SMFG unit Sumitomo Mitsui Banking Corp.
    | Comment!
  • Monday, March 30, 2015

  • 11:25 PM
    • KCAP Financial (NASDAQ:KCAP): FY14 NII of $0.58 misses by $0.39.
    • Total investment income of $41.21M (+5.2% Y/Y) misses by $13.17M.
    • Press Release
    | Comment!
  • 6:15 PM
    • Blackstone Group (NYSE:BX) is down 1.8% in late trading as it's putting up $1.2B-plus to buy three hotels from a Paulson & Co. consortium, The Wall Street Journal is reporting.
    • The hotels -- the Ritz Carlton and J.W. Marriott in Orlando, Fla., and the J.W. Marriott in Scottsdale, Ariz. -- aren't small properties, with more than 2,500 rooms and 472K square feet of meeting space in total.
    • The sales consortium includes Paulson, Winthrop Realty Trust (NYSE:FUR) and Capital Trust (now the Blackstone Mortgage Trust, BXMT).
    • It's the dissolution of the CNL Hotels & Resorts portfolio that the group had picked up via foreclosure and distressed sales, and could mark a jump-start to transactions in the group-travel segment.
    | 1 Comment
  • 6:11 PM
    • Income Opportunity Realty Investors (NYSEMKT:IOT): Q4 EPS of -$0.08.
    • Press Release
    | Comment!
  • 6:09 PM
    • American Realty Investors (NYSE:ARL): FY'14 EPS of -$0.71 vs. -$2.07 in FY'13
    • Revenue of $79.41M (-1.7% Y/Y).
    • Press Release
    | Comment!
  • 6:06 PM
    • Transcontinental Realty Investors (NYSE:TCI): FY'14 EPS of $0.32 vs. -$0.50 in FY'13
    • Revenue of $75.85M (-1.9% Y/Y).
    • Press Release
    | Comment!
  • 4:41 PM
    • Medley Management (NYSE:MDLY): Q4 EPS of $0.21 misses by $0.06.
    • Revenue of $16.35M (-14.8% Y/Y)
    • Press Release
    | 1 Comment
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