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Stock Market & Financial Investment News

News Breaks
August 8, 2014
09:18 EDTWLB, CLDCloud Peak amends throughput agreement with Westshore Terminals
Cloud Peak Energy (CLD) announced that its logistics business has increased its committed capacity and extended the term of its throughput agreement with Westshore Terminals Limited Partnership for exports of low sulfur coal from Roberts Bank, British Columbia. In a related agreement, Cloud Peak Energy paid $37M to Coal Valley Resources, a recently acquired unit of Westmoreland Coal (WLB), for CVRI to voluntarily terminate its throughput agreement with Westshore Terminals, freeing up available space at the fully utilized Westshore Terminal. The amendment to Cloud Peak Energy’s throughput agreement is effective as of January 1, 2015 and extends the term through the end of 2024. The amendment also increases annual throughput volumes and associated take-or-pay commitments. As a result of the amendment, Cloud Peak Energy expects to increase its 2015 Asian exports to 6.0 to 6.5 million tons, compared to the 4.0 to 4.5 million tons currently forecasted for 2014. Cloud Peak Energy plans to provide additional 2015 export guidance in early 2015 as part of its year-end 2014 earnings announcement. Starting in 2019, Cloud Peak Energy expects to increase its Asian exports through the Westshore Terminal to 7.0 to 7.5 million tons.
News For CLD;WLB From The Last 14 Days
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November 19, 2014
18:22 EDTCLDOn The Fly: After Hours Movers
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18:11 EDTCLDCloud Peak terminates public offering of mandatory convertible preferred stock
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07:13 EDTCLDGoldman to hold a conference
Annual Global Metals & Mining Conference is being held in New York on November 19-20.
November 18, 2014
18:23 EDTCLDOn The Fly: After Hours Movers
UP AFTER EARNINGS: La-Z-Boy (LZB), up 4.7% after reporting second quarter results and dividend increase... Jack in the Box (JACK), up 2.7%... PetSmart (PETM), up 1.9%. ALSO HIGHER: Popeyes Louisiana Kitchen (PLKI), up 1.6% after Red Mountain Capital Partners reported a 5.1% stake in the company. DOWN AFTER EARNINGS: Vipshop Holdings (VIPS), down 4.6%. ALSO LOWER: Cloud Peak (CLD), down 1.7% after filing to sell $100M of mandatory convertible preferred stock.
16:03 EDTCLDCloud Peak files to sell $100M of madatory convertible preferred stock
Cloud Peak Energy announced that it has commenced a registered underwritten public offering of its Series A mandatory convertible preferred stock consisting of 100,000 shares with a liquidation preference of $1,000 per share. CPE intends to grant the underwriters a 30-day option to purchase up to 15,000 additional shares of mandatory convertible preferred stock to cover over-allotments, if any. CPE Inc. intends to use the net proceeds from the offering to fund a partial redemption of the outstanding 8.50% senior notes due 2019 issued in 2009 by Cloud Peak Energy Resources LLC and Cloud Peak Energy Finance Corp. If the underwriters exercise their option to purchase additional shares of mandatory convertible preferred stock to cover over-allotments, CPE Inc. intends to use any net proceeds remaining after funding the proposed redemption for general corporate purposes. Unless converted earlier at the option of the holder, each share of the mandatory convertible preferred stock will convert automatically into a variable number of shares of CPE Inc. common stock on or around December 1, 2017. The mandatory convertible preferred stock will pay cumulative dividends at a fixed rate per annum on the liquidation preference of $1,000 per share, if declared by the board, payable quarterly in arrears in cash or, subject to certain limitations, in shares of common stock or in any combination of cash and shares of common stock, at CPE Inc.’s election. J.P. Morgan Securities LLC and Credit Suisse Securities LLC are acting as joint book-running managers for the offering.
06:33 EDTCLDCloud Peak initiated with a Market Perform at BMO Capital
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November 13, 2014
14:50 EDTWLBLonestar Capital to shut down by mid-2015, WSJ reports
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14:45 EDTWLBLonestar capital to shut down, DJ reports
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