On Wednesday, Shares of SandRidge Energy, Inc. (NYSE:SD), lost -5.25% to $0.3932.
SandRidge Energy, declared that the Company has reached privately negotiated purchase and exchange agreements under which it will repurchase $100 million aggregate principal amount of its senior unsecured notes for $30 million cash and exchange $300 million of senior unsecured notes into convertible notes.
James Bennett, President and CEO, commented, This transaction and its positive effect on the Companys financial position, represents another meaningful step forward in our efforts to improve our balance sheet. Recently we addressed another $400 million of senior unsecured debt through a combination of repurchases at a substantial discount to face value and exchanges into debt that is convertible into equity at a 550% premium to the current share price. On the heels of our acquisition of the Pinon Gathering system declared Monday and following two de-levering transactions earlier in the year, we are visibly capturing both balance sheet and operational opportunities to enhance our value proposition to investors.
Specifically, the Company will repurchase $2.2 million aggregate principal amount of its 8.75% Senior Notes due 2020 (the 2020 Outstanding Notes), $46.6 million aggregate principal amount of its 7.5% Senior Notes due 2021 (the 2021 Outstanding Notes), and $51.2 million aggregate principal amount of its 7.5% Senior Notes due 2023 (the 2023 Outstanding Notes) for an aggregate of $30 million in cash.
SandRidge Energy, Inc., an oil and natural gas company, explores for and produces oil and natural gas properties primarily in the Mid-Continent region of the United States. The company operates through three segments: Exploration and Production, Drilling and Oil Field Services, and Midstream Services.
Shares of McDonalds Corp. (NYSE:MCD), declined -0.54% to $102.82, during its last trading session.
McDonald’s Corp., trying to revive flagging sales, is calling the rollout of all-day breakfast in the U.S. a success and telling franchisees to prepare for the next course: a national value plan, according to Bloomberg.
Regaining our dominance in value by aligning around a national value platform and the power of Opnad is the next step, Mike Andres, the restaurant chain’s U.S. president, wrote last week in an e-mail to domestic franchisees and employees that was obtained by Bloomberg. Opnad is McDonald’s national advertising fund that comprises contributions from franchise owners.
The chain, planned to report third-quarter earnings next week, is trying to ignite a turnaround after seven straight quarters of declining U.S. same-store sales. Targeting budget-minded diners could assist it against competitors who have been advertising deals lately. McDonald’s also is trying to simplify its menu and kitchens to speed customer service at its about 14,300 domestic locations.
Wendy’s Co. recently started promoting a 4-for-$4 deal that comprises a Jr. Bacon Cheeseburger, four-piece chicken nuggets, fries and a drink. Burger King is offering coupons through its mobile-phone app, while KFC has value meals, such as a pot pie, cookie and drink, for $5. Bloomberg Reports
McDonalds Corporation operates and franchises McDonalds restaurants in the United States, Europe, the Asia/Pacific, the Middle East, Africa, Canada, and Latin America. The companys restaurants offer various food products, soft drinks, coffee, and other beverages.
Finally, Shares of NorthStar Realty Finance Corp. (NYSE:NRF), ended its last trade with 0.08% gain, and closed at $12.51.
NorthStar Realty Finance, declared that, in connection with the formerly declared spin-off of its European real estate business, its Board of Directors declared a record date of October 22, 2015 and a distribution date of October 31, 2015 for the distribution of all the outstanding common stock of NorthStar Realty Europe Corp. to the holders of NorthStar Realty common stock. Right Away following the Distribution, NorthStar Realty anticipates to conduct a one-for-two reverse stock split of its common stock. In the Distribution, each NorthStar Realty common stockholder will receive shares of NRE common stock on a one-for-six basis, before giving effect to the one-for-two reverse stock split.
The record date for the Distribution will be after the close of regular New York Stock Exchange trading hours on October 22, 2015 and will be accomplished and effective by 11:59 p.m., New York Time, on October 31, 2015. The reverse stock split will be effective at 12:01 a.m., New York Time, on November 1, 2015. Stockholders that would otherwise own fractional shares of NREs common stock following the Distribution and NorthStar Realtys common stock following the reverse stock split will receive cash in lieu of fractional shares.
As a result of the reverse stock split, the number of outstanding shares of NorthStar Realtys common stock will be reduced from about 382.2 million to 191.1 million (based upon the total number of common shares, LTIPs and RSUs not subject to performance hurdles, predictable to be outstanding on the Distribution date).
NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty Finance is managed by an associate of NorthStar Asset Administration Group Inc. (NSAM), a global asset administration firm.
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