Fri, Mar. 27, 6:33 PM
- Realty Income (NYSE:O) is up 3.3% in after-hours trade as it's set to join the S&P 500, replacing Windstream Holdings (NASDAQ:WIN), itself down 5.1% today and -0.5% after hours.
- Windstream -- spinning off assets into a REIT -- will head to the S&P MidCap 400 to replace International Game Technology (NYSE:IGT), which is being acquired by GTECH. Meanwhile, Douglas Emmett (DEI, up 2.1% after hours) will replace Realty Income in the MidCap 400 after trading on April 6.
- In other moves, Gentherm (THRM, +1.8% late) replaces buyout target Aviv REIT (NYSE:AVIV) in the S&P SmallCap 600 after trading on April 1; and Echo Global Logistics (ECHO, +1.9% late) will replace C&J Energy Services (NYSE:CJES) in the SmallCap 600 after trading April 1, as C&J is merging with part of Nabors.
Tue, Mar. 24, 6:27 PM
- Nabors Industries (NYSE:NBR) and C&J Energy Services (NYSE:CJES) say they have completed the combination of C&J with NBR's completion and production services business, with the resulting combined company renamed C&J Energy Services under the CJES ticker.
- Nabors received $688M in cash from C&J as a portion of the consideration for the transaction and now owns ~53% of the outstanding and issued common shares of the new company, with the remainder held by former CJES shareholders.
- The deal originally was announced in June 2014.
Thu, Mar. 19, 5:58 PM
- C&J Energy (NYSE:CJES) sold $1.06B of junk loans backing its acquisition of a unit of Nabors Industries (NYSE:NBR), a day before shareholders are set to vote on the merger, Bloomberg reports.
- CJES is issuing the debt at one of the deepest discounts in the last five years on a U.S. leveraged loan, selling a $575M loan at $0.86 on the dollar and a $485M portion at $0.84, as plunging crude oil prices leave energy companies struggling to obtain funding.
- CJES withdrew a $650M loan in December that backed the buyout, only to return this month offering lenders an even larger discount.
Fri, Mar. 6, 10:19 AM
- C&J Energy (CJES -1.8%) says it is revising the debt structure to finance the proposed combination of C&J with Nabors Industries' (NBR -0.7%) completion and production services business after pulling a smaller loan deal in December.
- A $550M portion of a newly constructed $1.06 loan deal will be sold for a reported $0.88 on the dollar while a $510M piece will be sold for $0.90; C&J in December withdrew a $650M loan to fund the purchase amid plunging oil prices, which was said to have been offered to investors for $0.98 on the dollar.
- CJES says the proposed transaction remains fully financed under the revised debt structure and is expected to close by the end of March, subject to shareholder approval.
Thu, Feb. 12, 3:13 PM
- C&J Energy Services (CJES +1%) says it is planning input and labor cost cuts in preparation for a difficult year, but notes that its deal to acquire Nabors Industries' hydraulic fracturing fleets should help stem the losses from the industry downturn.
- CJES is trying to pick up work left behind by companies that have either shuttered some coiled tubing operations or are going out of business, and is working to offset lower pricing for its tools by reducing supply costs, CEO Jack Comstock said in today's earnings conference call.
- Q4 earnings tripled as CJES added 80K hydraulic horsepower in fracturing equipment during the year; revenues jumped 82% Y/Y to $483.5M, as fracking revenue doubled and wireline and coiled tubing businesses grew as well.
Wed, Feb. 11, 5:36 PM
Wed, Feb. 11, 4:18 PM
Tue, Feb. 10, 5:35 PM
- ABCO, ACHC, AEM, AMAT, AMBR, AUY, BIDU, CAKE, CJES, CPA, CRAY, CSCO, CSOD, CTL, CVA, CXW, CYS, DDR, DIOD, EFC, EFX, EXL, FET, FEYE, FORR, GAS, HIVE, HNI, HOS, IO, ITRI, LPSN, MET, NSIT, NTAP, NTWK, NU, NVDA, OII, PNRA, PPC, QDEL, REG, SCSS, SKX, SLF, SPRT, STMP, SWM, TAL, TCX, TRIP, TSLA, TSO, TTGT, WFM, ZEN, ZU
Mon, Feb. 9, 8:57 AM
- C&J Energy Services (NYSE:CJES) +2.8% premarket on news the two companies have agreed to reduce the cash portion of its deal to buy Nabors Industries' (NYSE:NBR) production services unit by $250M to $688M.
- Including stock, the deal was valued at $2.86B when it was announced in June.
- A court had halted the deal in November, finding C&J’s board’s failure to seek out other buyers might have shortchanged its investors, but a higher court ruling in December allowed the transaction to proceed.
Dec. 19, 2014, 12:56 PM
- The Delaware Supreme Court overturns a lower court ruling that had halted a deal by C&J Energy Services (CJES +0.7%) and Nabors Industries (NBR +6.1%), saying there was not enough evidence showing the C&J board had short-changed its shareholders.
- A lower court last month held up C&J’s merger with a Nabors unit, finding C&J’s board did not adequately shop the company; the situation was unusual in part because C&J's board and management would keep control, while the new entity is to be incorporated in NBR’s home of Bermuda and 53% controlled by NBR.
Dec. 5, 2014, 6:41 PM
- C&J Energy Services (NYSE:CJES) postpones a $650M acquisition loan intended to fund the purchase of a unit of Nabors Industries (NYSE:NBR) due to the uncertainty of current market conditions, but says the decision "in no way impacts our ability to finance or complete the deal.”
- C&J agreed in June to buy NBR’s completion and production services business in the U.S. and Canada in a cash and stock deal then valued at $2.86B; C&J obtained a $1.3B commitment from Citigroup to finance the cash portion of the transaction and refinance debt.
- CJES shares fell 3% to a record low of $13.49 in today's trade and have plunged 60% from this year’s peak of $33.78 at the end of June.
- Earlier this week, a unit of Atlas Energy (NYSE:ATLS) is said to have put on hold a $155M loan it was seeking to refinance debt.
Nov. 28, 2014, 10:35 AM
- Oil service companies mull OPEC's threat to the U.S. shale boom by its decision to hold production and the resulting tumble in oil prices.
- C&J Energy (CJES -17.6%), RPC, Inc. (RES -14.5%), GreenHunter Resources (GRH -9.5%), Seventy Seven Energy (SSE -16.5%), Pioneer Energy (PES -13%).
- Larger names: Halliburton (HAL -11.5%), Schlumberger (SLB -9.7%), Superior Energy (SPN -15%), Baker Hughes (BHI -9.1%).
Nov. 26, 2014, 5:37 PM
Nov. 25, 2014, 10:13 AM
- C&J Energy Services (CJES +3.6%) says it plans to appeal a Delaware court ruling that requires it to solicit offers from other buyers for 30 days before it can merge with a unit of Nabors Industries (NBR -0.5%).
- NBR announced in June that it would merge its completion and production business with CJES and receive $2.86B in cash and stock; the deal is structured as a Reverse Morris Trust, a transaction that allows a parent company to sell its unit in a tax-efficient manner.
- But CJES shares are higher, as investor appetite for the deal had been waning given the integration risk and less favorable industry outlook.
Nov. 24, 2014, 9:49 PM
- A Delaware court today ordered a 30-day hold on the C&J Energy (NYSE:CJES) acquisition of a Nabors Industries (NYSE:NBR) unit, finding C&J’s board did not adequately shop the company and telling it to feel out other potential buyers, WSJ reports.
- The deal, announced in June, was unusual as CJES was the nominal buyer, agreeing to pay NBR 62.5M shares and $940M in cash for the fracking services unit, but NBR is to retain control of the combined entity with a 53% stake to CJES shareholders’ 47%.
- The judge found that because CJES shareholders essentially were turning over control of their investment to NBR, the deal was subject to a corporate law theory that required the board to take steps to get the best possible price.
Nov. 11, 2014, 2:36 PM
- Nearly $17B in energy company debt has been sold in the U.S. so far this month, tapping into debt capital markets despite a rise in borrowing costs as they seek to refinance or pay off existing debt amid a slump in oil prices.
- Just this week, Chevron (NYSE:CVX) offered $4B in six tranches to repay commercial paper, while Freeport McMoRan (NYSE:FCX) sold $3B in bonds in part to refinance existing debt; last week's ~$10B of energy bonds sold included a $3B offer by ConocoPhillips (NYSE:COP) also intended for refinancing purposes.
- Other energy-related deals in the pipeline for the coming days include a new loan facility for C&J Energy Services (NYSE:CJES).
- Energy bonds have been under pressure in the past couple of weeks as oil prices skid; investors are worried that a further drop in oil prices could put pressure on the highly indebted companies in the sector and potentially trigger a wave of debt restructurings.
CJES vs. ETF Alternatives
C&J Energy Services Inc provides hydraulic fracturing, coiled tubing, well stimulation and cased-hole wireline services. The Company also manufactures refurbishes & repairs equipments & provides oilfield parts & supplies to own & third-party customers.
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