Five Minutes To Go: SunEdison, (NYSE:SUNE), FreeSeas, (NASDAQ:FREE), Kinder Morgan, (NYSE:KMI)

On Wednesday, Shares of SunEdison, Inc. (NYSE:SUNE), gained 0.62% to $5.05.

SunEdison declared that its wholly-owned partner, Seller Note, LLC, reached a contract to extinguish all of its outstanding $336 million aggregate principal amount of 3.75% Guaranteed Exchangeable Senior Secured Notes due 2020 (the Exchangeable Notes).  In return for extinguishing the Exchangeable Notes,  noteholders will receive consideration in the form of SunEdisons membership equity interest in certain under development renewable energy assets in addition to a specified number of Class A shares of TerraForm Power, Inc. (TERP) presently utilized by the Company to secure the Exchangeable Notes.  About $121 million of the Exchangeable Notes will be extinguished shortly following the signing of the agreement, with the remainder to be extinguished upon the transfer of the relevant projects.

We are very happy to reach a contract with the holders of the Exchangeable Notes to extinguish the debt. said Brian Wuebbels, SunEdisons chief financial officer. We believe this was a mutually beneficial solution to deleverage our balance sheet by selling our under development assets in addition to the Companys shares of TerraForm Power.

Terms of the Transactions

The Company intends to file a Current Report on Form 8-K that provides additional details on the transaction.

SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials. The Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, operations, and maintenance portions of the downstream solar market.

Shares of FreeSeas Inc. (NASDAQ:FREE), declined -8.93% to $0.0153, during its last trading session.

FreeSeas declared that at the special meeting of the Company’s shareholders held on December 28, 2015, the shareholders granted discretionary authority to the Company’s board of directors to (A) amend the Amended and Restated Articles of Incorporation of the Company to effect one or more consolidations of the issued and outstanding shares of common stock, following which the shares of common stock would be combined and reclassified into one share of common stock at a ratio within the range from 1-for-2 up to 1-for-60 (the “Reverse Stock Split�?) and (B) determine whether to arrange for the disposition of fractional interests by shareholder entitled thereto, to pay in cash the fair value of fractions of a share of common stock as of the time when those entitled to receive such fractions are determined, or to entitle shareholder to receive from the Company’s transfer agent, in lieu of any fractional share, the number of shares of common stock rounded up to the next whole number, offered that, (X) that the Company shall not effect Reverse Stock Splits that, in the aggregate, exceeds 1-for-60, and (Y) any Reverse Stock Split is accomplished no later than the first anniversary of the date of the special meeting.

FreeSeas Inc., through its auxiliaries, provides drybulk shipping services. Its vessels carry various drybulk commodities, such as iron ore, grain, and coal, in addition to bauxite, phosphate, fertilizers, steel products, cement, sugar, and rice. Its fleet comprises of five Handysize vessels and one Handymax vessel. As of April 23, 2015, its operational fleet had about 148,978 deadweight tons with the average age of 17.7 years.

Finally, Shares of Kinder Morgan, Inc. (NYSE:KMI), ended its last trade with -3.38% loss, and closed at $14.59, as oil futures were being dragged down by the bearish Energy Information Administration report.

Surprisingly, crude supplies raised by 2.6 million barrels in the week through December 25, EIA said.

Analysts had estimated for a drop of 2.5 million barrels, Reuters noted.

Additionally, Saudi Arabian Oil Minister Ali al-Naimi said that the worlds top crude exporter does not limit its production and has the capacity to meet further demand, putting more pressure on oil prices, CNBC.com reports.

Kinder Morgan, Inc. operates as an energy infrastructure and energy company in North America. The company operates through Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada, and Other segments. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline and storage systems; natural gas and crude oil gathering systems, and natural gas processing and treating facilities; and natural gas liquids fractionation facilities and transportation systems.

About Travis Garlick 1752 Articles
Been writing about and trading stocks since 2013. Manage a group of micro-cap investors on Facebook with over 15,000 members. Turned $8,500 into 185k the first year I started trading stocks and haven't looked back.