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Stock Market & Financial Investment News

News For RKT;WMB;NXST;HW;LF;BKD From The Last 14 Days
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October 30, 2014
11:20 EDTRKTKapStone jumps after saying MLP being studied
Shares of KapStone Paper (KS) are rising after the company said on its third quarter earnings conference call that it is studying a potential master limited partnership, or MLP. WHAT'S NEW: KapStone management stated that the company has filed a request for a PLR, or private letter ruling, with the IRS regarding a potential MLP, though added that the move "does not indicate a decision" on its future direction. "We're only just trying to get in line. We are working with a good group of outside advisers and we remain intrigued by the concept and are studying our options," KapStone management stated. KapStone cautioned that the company still has not reached a designation and an MLP plan has not been submitted to its board for approval. Last night, KapStone reported third quarter adjusted earnings per share of 60c and revenue of $598.1M, which missed consensus forecasts of 67c and $604.18M, respectively. WHAT'S NOTABLE: On July 24, Bloomberg reported that Richard Perry's Perry Capital took positions or increased holdings in containerboard names KapStone, International Paper (IP), RockTenn (RKT) and Packaging Corp. (PKG). Perry stated in the fundís Q2 letter the he believes the companies can create master limited partnerships for their paper mills, driving share upside potential of 50%-100%, according to Bloomberg. PRICE ACTION: In morning trading, shares of KapStone are up more than 6% to $31 following the MLP comments made on the call.
October 29, 2014
16:36 EDTWMBWilliams reports Q3 EPS 15c, consensus 19c
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15:53 EDTWMBNotable companies reporting after market close
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October 27, 2014
08:56 EDTWMBWilliams volatility elevated into Q3 and outlook
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October 26, 2014
21:06 EDTWMBArmstrong, Chappel to serve as CEO, CFO respectively of merged MLP
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21:01 EDTWMBPurgason to join Williams as SVP overseeing the ACMP operations
Robert S. Purgason, current COO of the general partner of ACMP (ACMP), is expected to join Williams (WMB,WPZ) as SVP overseeing the ACMP operations. Purgason will report directly to Williamsí president and CEO Alan Armstrong. When the merger is complete, it is expected that Purgason also will serve the merged MLP as one of its general partnerís senior vice presidents, rather than as its COO.
20:56 EDTWMBWilliams to complete drop-down of remaining NGL & Petchem Services assets
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20:54 EDTWMBWilliams affirms dividend-growth guidance of approximately 15% annually
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20:50 EDTWMBWilliams, Williams Partners and Access Midstream announce merger agreement
Williams (WMB), Williams Partners (WPZ), and Access Midstream Partners (ACMP) announced that Williams Partners and Access Midstream Partners have entered into a merger agreement with an approximately $50B total transaction value. Williams owns controlling interests in the two master limited partnerships. Upon completion of the merger, expected to occur by early 2015, the merged MLP is anticipated to be one of the largest and fastest growing MLPs with expected 2015 adjusted EBITDA of approximately $5B, industry-leading 10% to 12% annual limited partner unit distribution growth rate through the 2017 guidance period and with expected strong growth beyond. Distribution coverage is expected to be at or above 1.1x or an aggregate of $1.1B through the 2017 guidance period. Cash distributions for 2015 are expected to total $3.65 per limited partner unit, up 50% and 30% over ACMPís 2014 and 2015 distribution guidance, respectively. The merged MLP expects to pay a regular cash distribution in the first quarter of 2015 in the amount of 85c per unit, up 53% over the ACMP distribution paid in the first quarter of the prior year.Prior to the completion of the merger, ACMP will effect a subdivision of its common units and each public unitholder of ACMP will receive 0.06152 additional ACMP common units for each ACMP common unit they hold. In the aggregate, the public unitholders of ACMP will receive approximately 6.3M new ACMP common units with a value of approximately $381M or approximately $3.74 per public ACMP common unit, based on the closing price of ACMP as of October 24. The 6.3M units, or approximately $381M, represents additional value for ACMP public unitholders versus the original June proposal. Williams agreed to reduce the exchange ratio it would receive in the merger to offset the approximately $3.74 of value provided to the ACMP unitholders in the subdivision of the ACMP common units. Taking into account the impact of the subdivision of the ACMP common units and the terms of the merger agreement, the ACMP conflicts committee concluded the impact of the transactions on the public ACMP unitholders represents an effective exchange ratio of approximately 0.80 ACMP common units for each WPZ common unit outstanding. The merger terms were negotiated, reviewed and approved by the conflicts committees of the boards of directors of the general partner of each partnership. Each of the ACMP Conflicts Committee and the WPZ Conflicts Committee has unanimously approved the merger, the merger agreement and the related transactions. As part of their evaluation process, the conflicts committees retained independent legal and financial advisors and each committee received a fairness opinion from its financial advisor. As a result of the merger, WPZ will become wholly owned by ACMP. The merged MLP will be named Williams Partners and will be based in Tulsa with major offices in Oklahoma City, Houston, Pittsburgh, Salt Lake City and Calgary.
October 24, 2014
14:07 EDTRKTRockTenn increases annual dividend 7% to 75c
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October 23, 2014
07:11 EDTNXSTNexstar to acquire assets of KASW-TV for $68M from Meredith, SagamoreHill
Nexstar Broadcasting Group (NXST) has entered into a definitive agreement to acquire the assets of KASW-TV, the CW affiliate serving the Phoenix, AZ market for $68M plus working capital from Meredith Corporation (MDP) and SagamoreHill of Phoenix, LLC. The proposed acquisition is expected to be accretive to Nexstarís operating results immediately upon closing and inclusive of all other previously announced transactions, will expand the Companyís coverage to 57 markets in 22 states, reaching approximately 19.7 million television households. Nexstar intends to finance the station acquisition through borrowings under its senior credit facilities. The transaction is subject to FCC approval and other customary approvals, and is expected to close in the first quarter of 2015. In the first twelve months following the closing of the transaction, KASW-TV is expected to generate approximately $14M in adjusted broadcast cash flow and is expected to provide free cash flow accretion in the first year of ownership of approximately 30c per share.
October 20, 2014
13:07 EDTRKTRockTenn initiated with a Buy at Dundee (pre-open)
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October 17, 2014
18:06 EDTWMBWilliams, Questar interested in QEP Resources pipeline unit, Bloomberg says
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17:23 EDTWMBWilliams, Questar interested in QEP Resources pipeline unit, Bloomberg says
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