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July 24, 2014
13:16 EDTIP, RKT, KS, PKGContainerboard names rally with Perry seeing 50%-100% upside
Richard Perry's Perry Capital took positions or increased holdings during Q2 in containerboard names International Paper (IP), RockTenn (RKT), KapStone (KS) and Packaging Corp. (PKG), Bloomberg reports. Perry believes managements can create master limited partnerships for their paper mills, driving share upside potential of 50%-100%, Bloomberg cites Perry as stating in the fundís Q2 letter. Shares of containerboard names are rallying today, with International Paper up 5%, RockTenn and KapStone up 9%, and Packaging Corp. up 4% in afternoon trading. Perry Capital has $10.9B under management, according to Bloomberg.
News For IP;RKT;KS;PKG From The Last 14 Days
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October 1, 2014
09:10 EDTKSKapStone begins accounts receivable securitization program
KapStone Paper and Packaging (KS) entered into an accounts receivable securitization arrangement with Wells Fargo Bank (WFC) and PNC Bank (PNC) on September 26. The Securitization generated proceeds of $175M which were used to partially prepay the Company's existing term loans. Due to a lower interest rate on the Securitization, KapStone's gross annual interest expense will be reduced by approximately $2.0M. The Company's weighted average annual interest rate on its bank debt is now 1.8%. The Securitization can be repaid at any time without penalty.
September 29, 2014
10:00 EDTKSOn The Fly: Analyst Downgrade Summary
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07:02 EDTKSKapStone downgraded at KeyBanc
As previously reported, KeyBanc downgraded KapStone to Hold from Buy. The firm has increased concerns about excess containerboard supply, increased capacity and productivity, and flat demand. Price target is $35.
06:10 EDTKSKapStone downgraded to Hold from Buy at KeyBanc
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September 26, 2014
10:01 EDTPKGOn The Fly: Analyst Upgrade Summary
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07:54 EDTPKGPackaging Corp. upgraded to Buy from Neutral at DA Davidson
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September 20, 2014
20:11 EDTIP, KS, RKTInternational Paper, two others could be worth more as MLPs, Barron's says
International Paper (IP), Rock-Tenn (RKT), and KapStone (KS) shares could rise 50%-100% if the companies convert to MLPs, Barron's contends in a feature article. Reference Link

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