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January 7, 2013
09:15 EDTCMA, STRSStratus Properties refinances Comerica revolving credit facility
Stratus Properties (STRS) announced that effective December 31, 2012, it entered into a Loan Agreement with Comerica Bank (CMA) that renews, extends and modifies Stratus' $45.0M credit facility with Comerica, comprised of a $35.0M revolving line of credit and a $10.0M term loan, that was scheduled to mature on December 31, 2012. The Loan Agreement provides for a $48.0M credit facility, divided into three tranches as follows: a $35M revolving line of credit, $3M for letters of credit, and a $10M construction loan. The interest rate applicable to amounts borrowed under each loan is an annual rate of LIBOR plus 4.0%, with a minimum interest rate of 6.0%. The credit facility will mature on November 30, 2014. Proceeds from the revolving loan may be used to fund Stratus' working capital needs, including land acquisitions; however, without prior approval from Comerica, individual land acquisitions shall not exceed $3.0M and aggregate land transactions shall not exceed $10.0M. Proceeds from the letter of credit tranche shall be used to fund additional working capital needs. Proceeds from the construction loan shall be used to develop the regional road and infrastructure for Section N of Barton Creek.
News For STRS;CMA From The Last 14 Days
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February 9, 2016
06:12 EDTCMAComerica volatility elevated as shares trend lower
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February 5, 2016
06:47 EDTCMAActivist investors eyeing U.S. banks for merger waves, Reuters says
Activist investors are targeting the U.S. banking sector, betting that the headwinds the industry is experiencing will accelerate consolidation among such companies, Reuters reports. Banks historically have stayed out of the line of sight of activist investors, with certain exceptions, though rate and regulatory pressures could result in a wave of M&A for SMID-cap institutions, the report says. Potential activist candidates include Comerica Bank (CMA), which Hudson Executive Capital acquired a $56M stake in earlier this week, and Zions (ZION), Reuters notes. Reference Link
January 28, 2016
17:08 EDTSTRSStratus Properties acknowledges proposal from Capretta to acquire property
Stratus Properties acknowledged receipt of an unsolicited proposal from Capretta Properties Inc. to acquire a significant portion of Stratus' real estate properties for $435 million in cash, with all indebtedness to be retained by Stratus. The proposal is subject to several contingencies, including Capretta's proposal that the closing be subject to completion of satisfactory due diligence, to be conducted only after entering into a definitive purchase agreement. The Board of Directors of Stratus, in accordance with its fiduciary duties, and consistent with its commitment to maximize long-term stockholder value, is in the process of carefully reviewing and considering the proposal. The Board maintains its commitment to engaging in constructive dialogue with all stockholders. There can be no assurance that this process will result in any transaction in the future, and no decision has been made to enter into any transaction at this time.
10:04 EDTCMAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Amdocs (DOX) upgraded to Buy from Neutral at BofA/Merrill... Cheesecake Factory (CAKE) upgraded to Overweight from Equal Weight at Stephens... Chemical Financial (CHFC) upgraded to Buy from Hold at Sandler O'Neill... Cimarex Energy (XEC) upgraded to Buy from Hold at Wunderlich... Cirrus Logic (CRUS) upgraded to Outperform from Perform at Oppenheimer... Citrix (CTXS) upgraded on Q4 results, valuation at JMP Securities... Comerica (CMA) upgraded to Market Perform from Underperform at BMO Capital... Community Health (CYH) upgraded to Market Perform from Underperform at Raymond James... Denny's (DENN) upgraded to Overweight from Equal Weight at Stephens... Dolby (DLB) upgraded to Buy from Neutral at Dougherty... EMC (EMC) upgraded to Buy from Neutral at Mizuho... Halliburton (HAL) upgraded to Buy from Accumulate at KLR Group... Hanmi Financial (HAFC) upgraded to Strong Buy from Outperform at Raymond James... Hawaiian Holdings (HA) upgraded to Neutral at BofA/Merrill... Hologic (HOLX) upgraded to Buy from Hold at Needham... Kinder Morgan (KMI) upgraded at Stifel... MGM China (MCHVF) upgraded to Overweight from Neutral at JPMorgan... Nimble Storage (NMBL) upgraded to Buy from Hold at Maxim... Patterson Companies (PDCO) upgraded to Buy from Neutral at UBS... PayPal (PYPL) upgraded to Outperform on core market share gains at Wedbush... Prosperity Bancshares (PB) upgraded to Buy from Neutral at DA Davidson... RPC, Inc. (RES) upgraded to Overweight from Equal Weight at Morgan Stanley... Rowan Companies (RDC) upgraded to Equal Weight from Underweight at Morgan Stanley... SanDisk (SNDK) upgraded to Buy from Neutral at Mizuho... Stillwater Mining (SWC) upgraded to Outperform from Market Perform at FBR Capital... Vantiv (VNTV) upgraded to Positive from Neutral at Susquehanna... Wilshire Bancorp (WIBC) upgraded to Outperform from Market Perform at Raymond James.
08:53 EDTCMAComerica upgraded on valuation at BMO Capital
As noted earlier, BMO Capital upgraded Comerica to Market Perform from Underperform. The firm upgraded the stock based on valuation, and said that it is not concerned about the adequacy of the bank's capital. Target to $38 from $43.
07:16 EDTSTRSCarl Berg announces receipt by Stratus Properties of offer to purchase property
Carl E. Berg, the largest shareholder of Stratus Properties, announced that on January 25, 2016, he received from Capretta Properties a copy of Capretta's January 22 letter of intent to Stratus offering to purchase substantially all of Stratus's real estate properties for $435M cash. The terms of the offer provide for the properties to be transferred to Capretta free of existing debt, which Capretta noted in the letter aggregated approximately $255.6 million on September 30, 2015. Capretta's nine-page letter of intent was addressed to William Armstrong, Stratus' CEO, and indicates that Capretta sent copies of the letter to Stratus' five largest stockholders, including Berg. The letter describes Capretta's offer as representing "an offer equal to $21.60 per share net of existing debt" for Stratus's real estate portfolio alone. Capretta also notes in the letter that Stratus has "other assets, including cash, that total over $6.00 per share" and, as a result, Capretta's offer "presents a financial return to Stratus far in excess of its current stock price in the $19.00 range." Berg understands that statement to mean that Capretta's offer implies a liquidation value of Stratus of approximately $27.60 per share. Capretta's offer states that it is not subject to any financing contingency and that no real estate brokerage commissions will be payable by either party.
06:39 EDTCMABombardier sued by Comerica for jet payments, Reuters reports
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06:04 EDTCMAComerica upgraded to Market Perform from Underperform at BMO Capital

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