- Tools for Investors
- Stock News
- Investing Ideas
- Econ & Policy
- Personal Finance
Venoco (NYSE:VQ) announced that Denver Parent Corp, or DPC, which is an affiliate of Venoco Executive Chairman Timothy Marquez, has prepared a presentation with updated details regarding its financing of the merger contemplated by the merger agreement among Venoco, Mr. Marquez, DPC, and another affiliate of Mr. Marquez. DPC advised Venoco that because of strong demand for the second lien term loan component of its financing, DPC believes that the size of that facility will be raised from $175 million to $225 million. DPC predicts that the financing package will include borrowings of $105 million beneath Venoco’s existing revolving credit facility, a $225 million second lien term loan at Venoco, and capital increases by DPC is $230 million, including a volumetric production payment on assets that will be sold to DPC by Venoco for $210 million. DPC plans for Venoco to use the cash proceeds from the asset sale in the repayment borrowings beneath the existing revolving credit facility and to make an offer for the repurchase of a portion of the outstanding Venoco Senior Notes at par. DPC also predicts that Venoco will enter into a new first lien revolving credit facility with an initial borrowing base of about $125 million and will make a $31 million initial draw on that facility. The shares closed at $11.73, up $0.34 or 2.99% on the day. They have traded in a 52-week range of $6.50 to $11.80.
Wells Fargo & Compan (NYSE:WFC): A key interest rate for over $500 trillion of securities globally are to be replaced by a benchmark subject to greater government control, according to 45 percent of people responding to a quarterly Bloomberg Global Poll. They stated that the London interbank offered rate, known as Libor, is to be supplanted by a more regulated model within five years, according to Bloomberg. The shares closed at $35.00, up $0.16 or 0.46% on the day. They have traded in a 52-week range of $22.61 to $34.95.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
Don't miss one of the biggest bull markets in history! Covers Gold, Silver, Gold & Silver stocks, and miners.
There's always a bull market in some sector! Find the best opportunities in commodities.